BUY GBPINR JAN @ 106.5 SL 106.2 TGT 106.8-107 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 86.34-86.62.
Rupee closed lower hurt by a decline in most regional currencies and dollar demand from foreign banks.
Moody's has reduced India's economic growth forecast for FY 2024 to 7%, down from 8.2%.
India's economic growth is projected to remain at 6.5% until 2026 due to a sharper-than-expected slowdown in industrial activity - IMF
SELL USDINR JAN @ 86.5 SL 86.6 TGT 86.4-86.3.
EURINR
Observations
EURINR trading range for the day is 89.88-90.2.
Euro dropped as traders took a breather while closely monitoring developments in US policy under President Trump.
ECB’s Lagarde emphasized that the central bank is “not overly concerned” about the risk of inflation from abroad.
ECB is expected to maintain its easing stance, with markets anticipating a 25 bps cut in the deposit rate at next week’s meeting.
BUY EURINR JAN @ 90 SL 89.8 TGT 90.2-90.4.
GBPINR
Observations
GBPINR trading range for the day is 106.26-106.78.
GBP dropped as investors are concerned over the UK economic outlook.
Traders price in a 25 bps interest rate reduction by the BoE in February.
Investors seek more clarity on President Trump’s tariff structure to make informed decisions.
BUY GBPINR JAN @ 106.5 SL 106.2 TGT 106.8-107.
JPYINR
Observations
JPYINR trading range for the day is 55.17-55.61.
JPY settled flat as BOJ is expected to raise its policy rate to 0.5%
BOJ Governor Ueda recently signaled that the central bank would consider rate hikes if the economy remains strong
Japanese exports exceeded expectations in December, and imports also showed positive growth.
SELL JPYINR JAN @ 55.6 SL 55.8 TGT 55.4-55.2.
