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USD/INR:

Observations:

USDINR trading range for the day is 83.01-83.23.

Rupee closed stronger supported by dollar sales from foreign banks

India must sustain growth momentum, secure at least 7% growth in FY25 – RBI bulletin

A reassessment of rate cut expectations in us supported the dollar aided by strength in U.S. economic data.

BUY USDINR JAN @ 83.05 SL 82.95 TGT 83.18-83.3.

EURINR:

Observations:

EURINR trading range for the day is 90.28-90.72.

Euro dropped amid dollar strength as investors reassess their interest rate cut bets.

ECB President Lagarde indicated a probable interest rate cut in the summer, but emphasized that caution is required

Producer prices in Germany fell 8.6% year-on-year in December 2023

BUY EURINR JAN @ 90.4 SL 90.2 TGT 90.65-90.8

GBPINR:

Observations:

GBPINR trading range for the day is 105.02-105.9.

GBP drops as the UK Retail Sales contracted significantly in December.

The BoE may continue to reiterate the need for higher interest rates for longer.

There is a risk of the economy entering a recession in Q4

BUY GBPINR JAN @ 105.4 SL 105.1 TGT 105.7-105.9.

JPYINR:

Observations:

JPYINR trading range for the day is 55.88-56.48.

JPY remains under pressure following the release of domestic consumer inflation figures.

Japanese consumer inflation eases as expected and reaffirms bets for a BoJ status quo.

Reduced bets for a March Fed rate cut and rising US bond yields favour the USD bulls.

SELL JPYINR JAN @ 56.4 SL 56.6 TGT 56.2-56.

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