IGI Logo

USDINR

Observations

USDINR trading range for the day is 83.21-83.45. Rupee strengthens with dollar inflows, while Asian peers struggle with rate cut expectations. Private sector employment in the US rose by 164,000 in December and annual pay was up 5.4% - ADP RBI continues to accumulate inflows and build currency reserves at every possible opportunity.

BUY USDINR JAN @ 83.25 SL 83.1 TGT 83.42-83.52.

EURINR

Observations

EURINR trading range for the day is 90.99-91.61. Euro gains as risk sentiment improves, uncertainty remains over interest rate cuts Eurozone Composite PMI matches November's level, indicating sustained decline in business activity Germany Composite PMI revised upward, still showing contraction in private sector

SELL EURINR JAN @ 91.4 SL 91.6 TGT 91.2-91.

GBPINR

Observations

GBPINR trading range for the day is 105.35-106.23. GBP gains as market sentiment improves after a subdued start to the year. Discussions about rate cuts from the Fed are firm, while the BoE emphasizes higher interest rates. UK could enter a mild recession, with a gloomy economic outlook.

SELL GBPINR JAN @ 105.9 SL 106.2 TGT 105.6-105.4.

JPYINR

Observations

JPYINR trading range for the day is 57.72-58.66. JPYINR FEB-JAN 0.3550 SELL JPYINR JAN @ 58.1 SL 58.3 TGT 57.9-57.7. JPY depreciated due to a stronger dollar and reduced bets on US Fed interest rate cuts BOJ Governor Kazuo Ueda said he hopes the economy can see inflation and wages rise in a balanced manner. Japan Manufacturing PMI was revised upward to 47.9 in December 2023 from a flash figure of 47.7.

SELL JPYINR JAN @ 58.1 SL 58.3 TGT 57.9-57.7.