IGI Logo

USDINR

Observations

USDINR trading range for the day is 83.12-83.26.

Rupee ended little changed as a slight recovery in the greenback offset the positive momentum from dollar sales by exporters.

The Reserve Bank of India (RBI) pushed back against the IMF, saying the intervention in the currency market was excessive.

RBI Governor Shaktikanta Das said in October that currency market interventions should not be seen as black-and-white.

SELL USDINR DEC @ 83.3 SL 83.45 TGT 83.15-83.05

EURINR

Observations

EURINR trading range for the day is 90.86-91.36.

Euro advances favored by a positive market mood and a weak US Dollar.

The US Dollar remains near recent lows despite the hawkish rhetoric by Fed officials.

Eurozone CPI confirms the deflationary trend and casts doubt about ECB´s "higher for longer" view.

SELL EURINR DEC @ 91.2 SL 91.4 TGT 91-90.8

GBPINR

Observations

GBPINR trading range for the day is 104.8-106.04.

GBP drops sharply as UK inflation softened sharply in November.

UK’s monthly headline inflation surprisingly contracted by 0.2%.

Investors may raise bets in favour of early rate cuts by the BoE.

SELL GBPINR DEC @ 105.4 SL 105.7 TGT 105.05-104.85

JPYINR

Observations

JPYINR trading range for the day is 57.78-58.32.

JPY gains as dollar slipped as traders continued to sell the currency on bets that the U.S. Federal Reserve will soon begin cutting interest rates.

BOJ left its ultra-loose monetary policy unchanged and refrained from making any comments about a possible tweak next year.

Japan's trade deficit decreased sharply to JPY 776.94 billion in November 2023 from JPY 2,057,64 billion in the same month of the prior year

BUY JPYINR DEC @ 58 SL 57.8 TGT 58.2-58.4.