USDINR trading range for the day is 83-83.46 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83-83.46.
Rupee traded in a narrow band as likely intervention from RBI limited losses in the currency.
Fed Chair Powell stated that it is too early for the central bank to definitively announce the conclusion of its interest-rate hikes
Strong domestic demand to sustain growth in near term: Moody’s Investor Service
SELL USDINR NOV @ 83.4 SL 83.55 TGT 83.22-83.1.
EURINR
Observations
EURINR trading range for the day is 88.9-89.34.
Euro gains as investors assessed the global economic and monetary policy outlook.
ECB’s chief economist expressed concerns about inflation, and Ireland's central bank chief suggested further tightening might be necessary.
Euro zone consumers raise inflation expectations in headache for ECB
SELL EURINR NOV @ 89.1 SL 89.3 TGT 88.9-88.7.
GBPINR
Observations
GBPINR trading range for the day is 101.91-102.67.
GBP steadied after BoE policymakers reiterated policy will need to remain restrictive for some time.
The RICS UK Residential Market Survey house price balance, rose slightly to -63 in October 2023 from -67 in September
Britain saw some of the most widespread falls in house prices since 2009 last month
SELL GBPINR NOV @ 102.3 SL 102.6 TGT 102-101.8
JPYINR
Observations
JPYINR trading range for the day is 55.23-55.49.
JPY dropped weighed down by hawkish signals from the US
Federal Reserve which could widen interest rate gaps between the US and Japan
BoJ Governor Ueda said, “when inflation sustainably hits 2%, wages are likely to be rising at around the same pace or higher.”
The gauge for Japan's service sector sentiment unexpectedly dropped to 49.5 in October 2023 from 49.9 in the previous month
SELL JPYINR NOV @ 55.35 SL 55.55 TGT 55.05-54.95.
