Buy GBPINR JAN @ 105.5 SL 105.2 TGT 105.8-106 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 86.48-86.72.
Rupee settled flat hurt by persistent foreign portfolio outflows and heightened dollar bids in NDF market.
Foreign investors have pulled out nearly $6 billion on a net basis from local stocks and bonds so far in January.
The central bank is likely to use its foreign exchange reserves judiciously to mitigate domestic currency market volatility amid strong global headwinds.
SELL USDINR JAN @ 86.65 SL 86.75 TGT 86.55-86.45
EURINR
Observations
EURINR trading range for the day is 89.07-89.59.
EURINR steadied amid speculation over U.S. tariff strategy and ECB policy outlook
However, investors scaled back expectations for major central bank rate cuts and assessed whether Trump’s policies might drive inflation higher.
Attention now shifts to the ECB's December meeting minutes and upcoming Eurozone inflation data for clues on future monetary policy.
BUY EURINR JAN @ 89.3 SL 89.1 TGT 89.5-89.7
GBPINR
Observations
GBPINR trading range for the day is 105.32-105.94.
GBP dropped amid stagflation concerns and weak economic data
Britain's economic output returned to growth in November but expanded by less than expected.
British inflation slowed unexpectedly last month, and core measures of price growth
BUY GBPINR JAN @ 105.5 SL 105.2 TGT 105.8-106.
JPYINR
Observations
JPYINR trading range for the day is 55.69-55.89.
JPY dropped as investors prepared for the Bank of Japan’s upcoming policy decision.
Japan November machinery orders beat forecast on strong factory investment
BOJ is expected to raise interest rates barring any market shocks when U.S. President-elect Donald Trump takes office
BUY JPYINR JAN @ 55.7 SL 55.5 TGT 55.9-56.1.
