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USDINR

Observations

USDINR trading range for the day is 83.32-83.48.

Rupee closed slightly higher supported by foreign banks' dollar sales and softness in the greenback.

India's finance minister said the government is monitoring the exchange rate, especially following the Indian Rupee's decline.

India’s Gross Domestic Product (GDP) Quarterly for Q2 on Thursday will be in the spotlight this week.

SELL USDINR DEC @ 83.4 SL 83.55 TGT 83.22-83.1.

EURINR

Observations

EURINR trading range for the day is 91.18-91.58.

Euro gains as investors digested a series of statements from ECB

GfK Consumer Climate Indicator for Germany edged up to -27.8 heading into December 2023 from a downwardly revised -28.3 in November

ECB’s Nagel cautioned that if the inflation outlook worsens, the central bank might need to consider raising interest rates again, advising against hasty policy easing

BUY EURINR DEC @ 91.4 SL 91.2 TGT 91.65-91.8.

GBPINR

Observations

GBPINR trading range for the day is 105.01-105.53.

GBP gains reflecting the UK economy's resilience in the face of tightening measures by the BoE.

BoE Governor Andrew Bailey mentioned the challenge of bringing inflation back to the 2% target

The GfK Consumer Confidence indicator in the United Kingdom rose to -24 in November 2023 from -30 in October

BUY GBPINR DEC @ 105.3 SL 105 TGT 105.6-105.8

JPYINR

JPYINR trading range for the day is 56.14-56.78.

JPY appreciated amid a general greenback weakness, as signs of slowing economic activity in the US

Japan’s headline inflation rate accelerated to 3.3% in October from 3% in September, pointing to the highest reading since July.

The Bank of Japan reaffirmed its commitment to accommodative monetary policies during its October policy meeting

BUY JPYINR DEC @ 56.4 SL 56.2 TGT 56.65-56.85.