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USDINR

Observations

USDINR trading range for the day is 86.44-87.

Rupee recovered amid intervention by the Reserve Bank after weakened to its all-time low

India’s wholesale prices increased by 2.37% year-on-year in December 2024, accelerating from a 1.89% rise in November.

The rupee's 1-month implied volatility, rose to a 16-month peak of 4% on the day.

SELL USDINR JAN @ 86.8 SL 86.9 TGT 86.7-86.6.

EURINR

Observations

EURINR trading range for the day is 88.47-89.47.

Euro gains as the rally in the dollar and global bond yields stalled, allowing risk assets to recover.

ECB to end policy restriction by midsummer at latest, Rehn says

The Euro Area Economic Sentiment Indicator fell sharply to 93.7 in December 2024, the lowest level since November 2020.

BUY EURINR JAN @ 88.8 SL 88.6 TGT 89.1-89.3.

GBPINR

Observations

GBPINR trading range for the day is 105.19-106.35.

GBP recovers slightly after facing a sharp sell-off in the last few trading days, with investors focusing on the UK CPI data.

The weak outlook of the British currency stays afloat amid higher UK gilt yields.

Investors await the US inflation data, which will influence expectations for the Fed’s policy outlook.

BUY GBPINR JAN @ 105.5 SL 105.2 TGT 105.8-106.

JPYINR

Observations

JPYINR trading range for the day is 54.57-55.15.

JPY steadied following comments from Bank of Japan Deputy Governor Ryozo Himino.

Japan's loan growth increased by 3.1% year-on-year in December 2024, accelerating from the downwardly revised 2.9% gain in November.

Japan’s current account surplus sharply increased to JPY 3,352.5 billion in November 2024 from JPY 2,170.2 billion in the same month a year earlier.

SELL JPYINR JAN @ 54.9 SL 55.1 TGT 54.7-54.5.