Sell USDINR Sep @ 84.06 SL 84.18 TGT 83.9-83.8. - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.98-84.06.
Rupee ended lower as Asian currencies broadly struggled ahead of a series of U.S. economic data
The World Bank has projected India's economy to expand by 7% in the current financial year
India's strong growth will continue despite challenging global headwinds.
SELL USDINR SEP @ 84.06 SL 84.18 TGT 83.9-83.8.
EURINR
Observations
EURINR trading range for the day is 92.67-93.15.
Euro remained in range as eurozone manufacturing activity remained mired in contraction in August
Euro zone banks should factor in geopolitical risks when they decide how much capital to pay out and where to do business – ECB
Inflation in the euro zone fell to its lowest level in three years in August
SELL EURINR SEP @ 93 SL 93.2 TGT 92.8-92.6.
GBPINR
Observations
GBPINR trading range for the day is 109.96-110.5.
GBP traded in range as expectations of diverging monetary policies between the US and the UK continue to support.
British consumer spending increased modestly in annual terms during August
The BoE recently lowered its main interest rate to 5% and traders expect additional cuts totaling 41 basis points by year-end.
SELL GBPINR SEP @ 110.4 SL 110.7 TGT 110.1-109.9.
JPYINR
Observations
JPYINR trading range for the day is 57.44-57.78.
JPY steadied amid hawkish outlook on Bank of Japan monetary policy.
BOJ policymakers said recently that they are ready to adjust monetary settings if their economic projections materialize
Markets are betting that the central bank will raise interest rates again in December.
BUY JPYINR SEP @ 57.4 SL 57.2 TGT 57.7-57.9.
