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USDINR

Observations

USDINR trading range for the day is 83.28-83.46.

Rupee remained in range amid optimistic outlook in the Indian economy by domestic and overseas investors Fed policymakers viewed the policy rate as near its peak for this tightening cycle

The S&P Global India Manufacturing PMI dropped to 54.9 in December 2023 from 56.0 a month earlier

BUY USDINR JAN @ 83.3 SL 83.16 TGT 83.45-83.55.

Observations

EURINR

EURINR trading range for the day is 90.87-91.65.

Euro dropped as investors locked in profits and dialed back bets on the scale of interest rate cuts from major central banks this year.

Germany's seasonally adjusted jobless rate ticked up to 5.9% in December 2023

The number of people registering as jobless in Spain decreased by 27,375, in December 2023

SELL EURINR JAN @ 91.25 SL 91.45 TGT 91.05-90.9.

Observations

GBPINR

GBPINR trading range for the day is 105.09-105.53.

GBP dropped affected by the latest signs of slowing inflation in Britain. UK executives urge the BoE to lower interest rates as the Economic Confidence Index fell to 28 from the previous month's decline of 21.

IMF Managing Director Kristalina Georgieva expects policy rates to be reduced in 2024 due to a decline in inflation.

BUY GBPINR JAN @ 105.2 SL 104.9 TGT 105.5-105.7.

Observations

JPYINR

JPYINR trading range for the day is 58.4-59.18.

JPYINR FEB-JAN 0.3575 SELL JPYINR JAN @ 58.7 SL 58.9 TGT 58.45-58.3.

JPY dropped expectations for a shift in the BoJ’s policy stance.

A softer risk tone further benefits the safe-haven JPY and caps USD/JPY amid subdued USD demand. Investors now look to the US economic data for some impetus ahead of the FOMC meeting minutes.

SELL JPYINR JAN @ 58.7 SL 58.9 TGT 58.45-58.3.