USDINR trading range for the day is 83.42-83.74 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.42-83.74.
Rupee rose amid likely portfolio inflows, after Fed kicked off its interest rate cutting cycle.
Retail inflation for farm workers eased to 5.96% in Aug; 6.08% for rural labourers
Odds of a 50-bp rate cut in November are currently at 44%, according to CME's FedWatch tool.
SELL USDINR SEP @ 83.58 SL 83.68 TGT 83.48-83.38.
EURINR
Observations
EURINR trading range for the day is 93.02-93.66.
Euro dropped as investors continued to assess the global economic outlook and the latest central bank policy decisions.
German producer prices fall 0.8% y/y in August
ECB will have more info in Dec to make rate call but Oct still open, VP says
SELL EURINR SEP @ 93.3 SL 93.45 TGT 93.1-92.9.
GBPINR
Observations
GBPINR trading range for the day is 110.75-111.55.
GBP gains as UK Retail Sales grew at a faster-than-expected pace in August
Fears of UK inflation remaining persistent have deepened after an acceleration in price pressures coming from the services sector.
The GfK Consumer Confidence indicator in the United Kingdom fell sharply to -20 in September 2024
SELL GBPINR SEP @ 111.2 SL 111.5 TGT 110.9-110.7.
JPYINR
Observations
JPYINR trading range for the day is 57.52-58.98.
JPY depreciated as BOJ Governor acknowledged “some weakness” in the economy.
The central bank also maintained its outlook that the economy was progressing steadily towards a modest recovery.
The annual inflation rate in Japan rose to 3.0% in August 2024 from 2.8% in the prior three months
SELL JPYINR SEP @ 58 SL 58.2 TGT 57.8-57.6.
