Buy USDINR Dec @ 84.85 SL 84.75 TGT 84.95-85.05 - Kedia advisory
USDINR
Observations
USDINR trading range for the day is 84.79-85.03.
Rupee logged it’s the sixth consecutive weekly decline on account of heightened dollar demand in the non-deliverable forwards market.
India’s economic growth forecast for the financial year 2024-25 has been revised downward by Fitch Ratings.
India's retail inflation eased to 5.48% in November, down from 6.21% in October.
BUY USDINR DEC @ 84.85 SL 84.75 TGT 84.95-85.05.
EURINR
Observations
EURINR trading range for the day is 88.67-89.21.
Euro fell after the European Central Bank cut interest rates by 25 basis points to 3%, as expected.
The euro has also been pressured by political uncertainty in France and Germany.
Germany's current account surplus narrowed to EUR 12.5 billion in October 2024 from EUR 21.3 billion in the previous month
BUY EURINR DEC @ 88.95 SL 88.75 TGT 89.15-89.3.
GBPINR
Observations
GBPINR trading range for the day is 106.66-108.22.
GBP dropped as UK GDP, factory output unexpectedly contract in October
UK Industrial and Manufacturing Production also contracted in October compared with the previous month.
The GfK Consumer Confidence Index in the United Kingdom rose by 1 point to -17 in December 2024
BUY GBPINR DEC @ 107.2 SL 106.9 TGT 107.5-107.7.
JPYINR
Observations
JPYINR trading range for the day is 55.96-56.76.
JPY weakened amid growing speculation that the Bank of Japan may hold off on an interest rate hike.
BOJ officials have indicated they want to see more evidence of wage growth before proceeding with additional policy adjustments.
The Bank of Japan's index for big manufacturers' sentiment edged higher to 14 in Q4 of 2024 from 13 in the prior two periods
SELL JPYINR DEC @ 56.3 SL 56.5 TGT 56.1-55.9.
