Buy GBPINR Dec @ 107.8 SL 107.5 TGT 108.1-108.3 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.93-85.09.
Rupee weakened to its lifetime low hurt by concerns about a widening trade deficit and likely outflows from local equities
India's merchandise trade deficit rose to a record high of $37.84 billion, led by a surge in gold imports.
Foreign banks were spotted bidding for dollars, while the Reserve Bank of India likely intervened via state-run banks
BUY USDINR DEC @ 84.95 SL 84.85 TGT 85.05-85.15.
EURINR
Observations
EURINR trading range for the day is 88.89-89.53.
Euro steadied as traders weighed the economic, political, and monetary outlook for the Eurozone.
Flash PMIs pointed to a slower contraction in private sector activity, driven by a rebound in services, while manufacturing remained subdued.
German Chancellor losing a confidence vote in Parliament as expected, paving the way for snap elections early next year.
BUY EURINR DEC @ 89.1 SL 88.9 TGT 89.35-89.5.
GBPINR
Observations
GBPINR trading range for the day is 107.51-108.15.
GBP strengthened after UK wage growth surpassed expectations
The central bank had projected a 5.1% increase for the three months to December.
BOE is scheduled to announce its monetary policy decision on Thursday, with no changes expected to the benchmark interest rate
BUY GBPINR DEC @ 107.8 SL 107.5 TGT 108.1-108.3.
JPYINR
Observations
JPYINR trading range for the day is 55.99-56.13.
JPY dropped as caution prevailed ahead of the latest US Federal Reserve policy decision.
Japan's economy minister, Ryosei Akazawa, reaffirmed that the Bank of Japan and the government will collaborate on appropriate monetary policies.
Markets are speculating that the BOJ may forgo an interest rate hike when it announces its decision on Thursday.
SELL JPYINR DEC @ 56.1 SL 56.3 TGT 55.9-55.7.
