USDINR trading range for the day is 83.87-84.09 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.87-84.09.
Rupee weakened to hurt by the continued unwinding of carry trades and on dollar demand from local importers.
RBI’s interventions across the non-deliverable forwards (NDF), spot over-the-counter (OTC) and futures market have kept volatility in check.
Dollar-rupee forward premiums eased slightly but managed to hold on to much of their gains from a climb to a 14-month high
BUY USDINR AUG @ 83.95 SL 83.85 TGT 84.05-84.15.
EURINR
Observations
EURINR trading range for the day is 91.54-92.
Euro steadied as risk sentiment improved, with the recent global selloff was an overreaction to weak US economic data.
Germany's trade surplus declined to EUR 20.4 billion in June 2024
German industrial production rose by 1.4% month-over-month in June 2024.
SELL EURINR AUG @ 92 SL 92.2 TGT 91.7-91.5.
GBPINR
Observations
GBPINR trading range for the day is 106.61-107.03.
GBP remained in range as investors anticipate faster interest rate cuts by the Bank of England.
Retail sales in the United Kingdom increased 0.3% on a year-on-year basis in July
The S&P Global UK Construction PMI jumped to 55.3 in July 2024
SELL GBPINR AUG @ 107 SL 107.3 TGT 106.7-106.5.
JPYINR
Observations
JPYINR trading range for the day is 56.54-58.44.
JPY dropped after BOJ official says no rate hikes if markets are volatile
BOJ won't raise rates when markets unstable, deputy governor says
Reserve assets in Japan fell slightly to $1.219 trillion in July 2024 from $1.231 trillion in June
SELL JPYINR AUG @ 57.5 SL 57.7 TGT 57.3-57.
