Buy EURINR Jan @ 89.7 SL 89.5 TGT 89.9-90.1 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 86.25-86.91.
Rupee unchanged as dollar recovered after President Trump said he was thinking about imposing tariffs on Canada and Mexico.
Moody's slashes India's economic growth forecast to 7% for FY25
RBI predicts stronger economic growth in H2 FY25, driven by demand rebound and rural resilience
SELL USDINR JAN @ 86.7 SL 86.8 TGT 86.6-86.5.
EURINR
Observations
EURINR trading range for the day is 89.48-90.08.
Euro gains after U.S. President Donald Trump said he wouldn’t immediately impose new tariffs.
ECB policymakers have been advocating for caution regarding further rate reductions.
Markets priced in a European Central Bank deposit facility rate at over 2% at the end of 2025.
BUY EURINR JAN @ 89.7 SL 89.5 TGT 89.9-90.1.
GBPINR
Observations
GBPINR trading range for the day is 105.84-106.54.
GBP surges after reports showed that there won't be tariff hikes on the first day of President Donald Trump
Markets are currently pricing 62 basis points of rate cuts in 2025 from around 40 bps before the inflation data.
The United Kingdom’s unemployment rate rose to 4.4% from September to November 2024.
BUY GBPINR JAN @ 106 SL 105.7 TGT 106.3-106.6.
JPYINR
Observations
JPYINR trading range for the day is 55.66-56.08.
JPY strengthened amid bets that the Bank of Japan would raise interest rates following hawkish comments from central bank officials.
The BOJ is also likely to revise its inflation forecast higher, with growing optimism that rising wages will help Japan stay on track.
Japan's Finance Minister, Kato, reaffirmed the government's commitment to taking "appropriate action" to support the yen.
SELL JPYINR JAN @ 56 SL 56.2 TGT 55.8-55.6.
