Sell USDINR Sep @ 83.7 SL 83.8 TGT 83.6-83.5 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.46-83.74.
Rupee rose boosted by a rally in yuan, while dollar sales from state-run banks also helped.
The ADB retained India's growth forecast for the current fiscal at 7 per cent.
Interest rate futures are currently pricing in a 61% chance of the Fed delivering a 50 bps cut, compared to 53% a day earlier.
SELL USDINR SEP @ 83.7 SL 83.8 TGT 83.6-83.5.
EURINR
Observations
EURINR trading range for the day is 93.08-94.
Euro gains due to positive news from China and signals from US Federal Reserve officials that encouraged investors.
However, expectations for a rate cut by the ECB increased after disappointing economic data.
The Ifo business climate index for Germany dropped to 85.4 in September, down from 86.6 in August
SELL EURINR SEP @ 93.5 SL 93.7 TGT 93.3-93.1.
GBPINR
Observations
GBPINR trading range for the day is 111.4-112.5.
GBP dropped as investors turn their focus to next month's British budget and the Bank of England's interest rate decision.
BOE should take a cautious approach to cutting interest rates due to the risk of longer-term inflation pressures.
Markets expect just 40 bps more of cuts by December, which would leave the base rate closer to 4.50%.
BUY GBPINR SEP @ 111.8 SL 111.5 TGT 112.1-122.4.
JPYINR
Observations
JPYINR trading range for the day is 57.56-58.46.
JPY steadied as investors continued to assess the outlook for Bank of Japan monetary policy.
BOJ said they have time to assess market and economic developments before adjusting monetary policy.
A leading indicator of Japan's service-sector inflation held steady at 2.7% in August
SELL JPYINR SEP @ 58 SL 58.2 TGT 57.8-57.6.
