Buy JPYINR Jan @ 54.5 SL 54.3 TGT 54.7-54.9 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 85.95-86.29.
Rupee slipped to its all-time low as the dollar stood firm ahead of closely watched U.S. labour market data
State-run banks were spotted offering dollars as well, most likely on behalf of the RBI.
Industrial production in India rose 5.2% year-on-year in November 2024, accelerating from a 3.5% rise in the previous month
BUY USDINR JAN @ 86.1 SL 86 TGT 86.2-86.3.
EURINR
Observations
EURINR trading range for the day is 88.35-89.13.
Euro settled flat amid concerns about the UK's debt markets
Germany's trade surplus widened to EUR 19.7 billion in November 2024 from EUR 13.4 billion in October
Industrial production in Germany increased 1.5% month-over-month in November 2024
SELL EURINR JAN @ 88.9 SL 89.1 TGT 88.7-88.5.
GBPINR
Observations
GBPINR trading range for the day is 105.51-106.37.
GBP seen pressure as elevated global bond yields kept the currency under pressure.
Global borrowing costs have soared amid concerns about rising inflation, reduced chances of a drop in interest rates
Traders now expect only two Bank of England rate cuts this year, down from over three predicted a month ago.
SELL GBPINR JAN @ 106.1 SL 106.4 TGT 105.8-105.5.
JPYINR
Observations
JPYINR trading range for the day is 54.29-54.85.
JPY settled flat as uncertainty persists over the timing of interest rate hikes by the Bank of Japan.
Japan’s Economy Minister Ryosei Akazawa stated that the economy is at a “critical stage” in overcoming the public’s deflationary mindset.
Japan’s foreign reserves declined by $8.28 billion to $1.12 trillion in December 2024, hitting the lowest level since July.
BUY JPYINR JAN @ 54.5 SL 54.3 TGT 54.7-54.9.
