USDINR trading range for the day is 83.99-84.07 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.99-84.07.
Rupee remained in range as the central bank's intervention helped negate the incessant dollar demand.
India's services activity accelerated to a five-month high in August
The World Bank raised the growth forecast for the Indian economy for FY25 to 7% from 6.6% projected earlier
SELL USDINR SEP @ 84.1 SL 84.2 TGT 84-83.9.
EURINR
Observation
EURINR trading range for the day is 92.88-93.54.
Euro gains as factory orders in Germany were surprisingly high in July, beating forecasts they would fall.
Factory orders in Germany grew by 2.9% month-over-month in July 2024
Germany Construction PMI fell to 38.9 in August 2024 from 40 in the previous month
SELL EURINR SEP @ 93.5 SL 93.7 TGT 93.3-93.1.
GBPINR
Observation
GBPINR trading range for the day is 110.26-110.76.
GBP gains as the upbeat UK economic outlook has boosted market expectations that the BOE’s policy-easing cycle could be shallower this year.
Weak US job vacancy data raise red flags about labor market conditions.
Investors see the BoE leaving interest rates unchanged at 5% at this month’s meeting.
SELL GBPINR SEP @ 110.9 SL 111.2 TGT 110.6-110.4.
JPYINR
Observation
JPYINR trading range for the day is 58.01-58.99.
JPY rose as investors reacted to data showing real wages in the country increased for the second straight month in July
BOJ policymaker signals more rate hikes with eye on markets
Average cash earnings in Japan increased by 3.6% year-on-year in July 2024
SELL JPYINR SEP @ 58.7 SL 58.9 TGT 57.5-57.3.
