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USDINR

Observations

USDINR trading range for the day is 83.25-83.43.

Rupee gained after the U.S. Federal Reserve delivered a dovish hold on policy rates.

India's wholesale prices increased by 0.26 percent year-on-year in November 2023, beating market estimates of a 0.08 percent rise

RBI Governor Das stated that the Indian economy remains vulnerable to recurring and overlapping food price shocks.

SELL USDINR DEC @ 83.5 SL 83.65 TGT 83.35-83.2.

EURINR

Observations

EURINR trading range for the day is 90.6-91.34.

Euro appreciated after the Federal Reserve "dot plot" projections pointed to three 25bps rate cuts next year

The ECB maintained interest rates at multi-year highs for the second consecutive meeting

Euro zone industrial production declined by more than expected in October

BUY EURINR DEC @ 91 SL 90.8 TGT 91.3-91.5.

GBPINR

Observation

GBPINR trading range for the day is 104.97-105.93.

GBP gains buoyed by a weakening dollar following hints from Fed about an aggressive 75 basis point rate cut slated for next year

BOE voted by a majority of 6-3 to uphold its benchmark interest rate at a 15-year high of 5.25% for the third consecutive time

UK house price balance improves further in Nov

BUY GBPINR DEC @ 105.5 SL 105.3 TGT 105.85-106.15.

JPYINR

Observations

JPYINR trading range for the day is 58.52-59.4.

JPY rose after US Federal Reserve officials indicated multiple rate cuts next year.

Japan's core machinery orders, rose 0.7% month-on-month in October 2023, slowing from a 1.4% gain in September

Industrial production growth in Japan was revised higher to 1.3% month-over-month in October 2023

BUY JPYINR DEC @ 58.5 SL 58.25 TGT 58.8-59