Sell USDINR Sep @ 88.4 SL 88.55 TGT 88.25-88.15 - Kedia Advisory
USDINR
SELL USDINR SEP @ 88.4 SL 88.55 TGT 88.25-88.15.
Observations
USDINR trading range for the day is 88.09-88.53.
Rupee hits record low on importer hedging, shorts amid higher US tariffs
India Manufacturing PMI rose to 59.3 in August 2025 from 59.1 in July, but was revised lower from initial estimates of 59.8.
India's foreign exchange reserves fell to $690.72 billion as of Aug 22, compared with $695.11 billion a week earlier.
EURINR
SELL EURINR SEP @ 103.8 SL 104.1 TGT 103.5-103.2.
Observations
EURINR trading range for the day is 103.24-104.08.
Euro gained as dollar seen pressured weighed down by concerns over Fed independence
ECB policymakers were divided on the whether inflation was more likely to come in higher or lower than expected when they met in July.
Growth in euro zone bank lending accelerated to a fresh two-year high last month on the back of lower interest rates and a gradual economic recovery.
GBPINR
SELL GBPINR SEP @ 119.6 SL 119.9 TGT 119.3-119.
Observations
GBPINR trading range for the day is 118.83-120.05.
GBP gains supported by broad dollar weakness as investors awaited US labor data and a potential 25 bps Fed rate cut in September.
UK Manufacturing PMI fell to 47 in August of 2025 from 48 in the previous month, revised lower from the preliminary estimate of 47.3.
The UK Nationwide House Price Index rose 2.1% year-on-year in August 2025, slowing from a 2.4% gain in July.
JPYINR
SELL JPYINR SEP @ 60.1 SL 60.4 TGT 59.8-59.6.
Observations
JPYINR trading range for the day is 59.89-60.47.
JPY steadied as the greenback stayed under pressure from expectations of Federal Reserve rate cuts.
The S&P Global Japan Manufacturing PMI was revised lower to 49.7 in August 2025 from a preliminary estimate of 49.9.
Japanese companies increased capital spending on plant and equipment by 7.6% in the second quarter of 2025.
