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USDINR

Observations

USDINR trading range for the day is 83.15-83.59.

Rupee weakened as month-end dollar demand from oil companies pressured

India's total trade in GDP has expanded from around 15% in the early 1990s to nearly 50% in 2022.

Fitch Ratings anticipated India’s GDP growth of 6.5% during fiscal 2024–25.

SELL USDINR JAN @ 83.45 SL 83.6 TGT 83.3-83.2.

EURINR

Observations

EURINR trading range for the day is 91.7-92.56.

Euro gains buoyed by the anticipation of Fed initiating interest rate cuts in the first quarter of 2024.

Euro zone consumer confidence rose by 1.8 points in December from the November number

The European Commission said a flash estimate showed euro zone consumer morale improved to -15.1 this month

BUY EURINR JAN @ 92.2 SL 92 TGT 92.4-92.6

GBPINR

Observations

GBPINR trading range for the day is 105.73-106.37.

GBP gains as investors hope that the BoE will start its rate-cut campaign later than the Fed

The Fed is expected to cut rates sooner than the BoE.

A recession in the UK economy is highly likely.

BUY GBPINR JAN @ 106 SL 105.7 TGT 106.3-106.5

JPYINR

Observations

JPYINR trading range for the day is 58.66-58.96.

JPY settled flat as board members discussed the potential timing of exiting the central bank’s massive stimulus

Japan housing starts fall more than estimated

BOJ Governor Kazuo Ueda recently stated that the likelihood of Japan's economy getting out of the low-inflation environment.

BUY JPYINR JAN @ 58.7 SL 58.5 TGT 58.9-59.1