Sell USDINR Sep @ 84.05 SL 84.15 TGT 83.95-83.85 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.95-84.17.
Rupee weakened slightly tracking a dip in most Asian currencies, but managed to hold above its all-time low.
RBI this month have ensured that the rupee does not fall to 84, a psychological support level for the currency.
Goldman Sachs cuts India’s 2024 and 2025 GDP growth forecasts
SELL USDINR SEP @ 84.05 SL 84.15 TGT 83.95-83.85.
EURINR
Observations
EURINR trading range for the day is 93.2-94.04.
Euro remained in range as investors grew cautious ahead of the Eurozone's August inflation data
Eurozone lending growth quickens to 8-month high
Inflation in Germany and the Euro Area is expected to hit its lowest level in over three years.
SELL EURINR SEP @ 93.7 SL 93.9 TGT 93.5-93.3.
GBPINR
Observations
GBPINR trading range for the day is 110.82-111.44.
GBP gains due to UK economy strength and dovish comments from Federal Reserve Chair Jerome Powell.
Stronger-than-expected economic data suggests the BoE shouldn't rush to cut interest rates.
British consumer confidence reached a three-year high in August.
SELL GBPINR SEP @ 111.1 SL 111.4 TGT 109.8-109.6.
JPYINR
Observations
JPYINR trading range for the day is 58.01-58.63.
JPY gains as the prospect of Federal Reserve interest rate cuts continued to weigh on dollar.
Fed officials are raising the alarm on labor market risks while expressing confidence that inflation will return to target
BOJ Kazuo Ueda told parliament last week that the central bank could adjust monetary policy if its economic projections prove correct.
SELL JPYINR SEP @ 58.4 SL 58.6 TGT 58.2-58.1.
