USDINR trading range for the day is 83.69-83.89 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.69-83.89.
Rupee ended lower pressured by month-end dollar demand from importers.
Dollar-rupee forward premiums slipped after strong U.S. economic data blunted hopes of another 50 bps rate cut by the Fed in November.
The finance ministry said economic growth would remain steady in the coming quarters.
SELL USDINR OCT @ 83.85 SL 83.95 TGT 83.75-83.65.
EURINR
Observations
EURINR trading range for the day is 93.17-93.79.
Euro settled fat after inflation in France and Spain dropped below expectations
France's inflation dropped to 1.5% in September, the first time below 2% in over three years.
Spain's inflation fell to 1.7%, with declines in fuel, power, and food prices, both missing the 1.9% forecast.
SELL EURINR OCT @ 93.6 SL 93.8 TGT 93.4-93.
GBPINR
Observations
GBPINR trading range for the day is 111.81-112.31.
GBP steadied as monetary policy divergence between the BOE and other major central banks provided some support.
Stickier-than-expected British inflation has fed expectations for a more gradual BoE easing cycle.
The Confederation of British Industry's monthly net balance of new orders fell to -35 in September 2024, the lowest in ten months
SELL GBPINR OCT @ 112.2 SL 112.5 TGT 111.9-111.7
JPYINR
Observations
JPYINR trading range for the day is 57.16-59.32.
JPY gains rallying in relief after Shigeru Ishiba won the leadership of Japan’s ruling party
Tokyo’s core inflation rate slowed to 2% in September from 2.4% in August, matching forecasts.
BOJ minutes expressed the members’ consensus on the importance of remaining vigilant regarding the risks of inflation exceeding targets.
SELL JPYINR OCT @ 58.9 SL 59.1 TGT 58.7-58.5.
