Buy USDINR Dec @ 85.1 SL 85 TGT 85.2-85.3. - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.95-85.27.
Rupee slips to all-time low pressured by weak yuan, importer dollar bids
Dollar-rupee forward premiums rose on Monday with the 1-year implied yield up 2 basis points at 2.24%
India's foreign exchange reserves decreased by $1.98 billion to $652.87 billion as of December 13.
BUY USDINR DEC @ 85.1 SL 85 TGT 85.2-85.3.
EURINR
Observations
EURINR trading range for the day is 88.35-88.97.
Euro gains after ECB President Lagarde commented that the Eurozone is "very close" to achieving the central bank's medium-term inflation target.
However investors remain focused on the subdued economic outlook and the possibility that the ECB will continue to tighten monetary policy.
Euro zone countries should aim for slight fiscal tightening not only in 2025 but also in 2026 to improve debt sustainability, the European Commission said
SELL EURINR DEC @ 88.7 SL 88.9 TGT 88.5-88.3.
GBPINR
Observations
GBPINR trading range for the day is 106.12-107.5.
GBP gains as the dollar pulled back from a two-year high after PCE Index report for November pointed to lingering challenges
The British economy stalled in Q3 2024, revised down from the first estimate increase of 0.1%
The UK’s current account deficit fell to £18.1 billion, equivalent to 2.5% of GDP, in Q3 2024
SELL GBPINR DEC @ 107 SL 107.25 TGT 106.7-106.5.
JPYINR
Observations
JPYINR trading range for the day is 54.29-54.69.
JPY dropped amid raising the possibility of intervention by Japanese authorities.
JPY continued to struggle as uncertainty lingered over when the Bank of Japan would next raise interest rates.
JPY failed to capitalize on a softer US dollar following a weaker-than-expected US PCE inflation data
SELL JPYINR DEC @ 54.5 SL 54.7 TGT 54.3-54.1.
