BUY JPYINR DEC @ 58.5 SL 58.25 TGT 58.8-59 - Kedia Advisory
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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
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