Sell USDINR Sep @ 84.02 SL 84.12 TGT 83.92-83.85 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.94-84.1.
Rupee ended nearly flat with intervention by the Reserve Bank of India helping to stabilize the currency
Annual inflation rate in India increased to 3.65% in August 2024 from an upwardly revised 3.6% in July
India's robust growth prospects and consumption demand are unhurt
SELL USDINR SEP @ 84.02 SL 84.12 TGT 83.92-83.85.
EURINR
Observation
EURINR trading range for the day is 92.49-92.77.
Euro dropped as German wholesale prices drop the most in 4 months
The European Central Bank lowered its main interest rate by 0.25%, to 3.5%.
Producer prices in the Euro Area increased 0.8% month-over-month in July 2024, the most since December 2022
BUY EURINR SEP @ 92.6 SL 92.4 TGT 92.8-93.1.
GBPINR
Observation.
GBPINR trading range for the day is 109.37-109.91.
GBP dropped as Britain's economy stagnated unexpectedly in July, as manufacturing output fell.
GDP stalled for a second month in July, and industrial production unexpectedly shrank 0.8%.
The unemployment rate edged down to 4.1% and the British economy added 265K jobs
BUY GBPINR SEP @ 109.5 SL 109.3 TGT 109.8-110.
JPYINR
Observation
JPYINR trading range for the day is 58.33-59.53.
JPY eased as the greenback strengthened on a mixed US consumer inflation report
Bank of Japan board member Naoki Tamura said that the central bank must raise interest rates to at least 1% by late 2025.
Producer prices in Japan increased by 2.5% yoy in August 2024
BUY JPYINR SEP @ 58.8 SL 58.6 TGT 59-59.2.
