BUY USDINR JAN @ 86.35 SL 86.25 TGT 86.45-86.55. - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 86.15-86.77.
Rupee strengthened tracking gains in most of its regional peers, while dollar-rupee forward premiums declined.
The 1-year dollar-rupee implied yield dropped to 2.27%, its lowest level since July last year.
India's GDP per capita at purchasing power parity increased by 11% year-on-year to $10,233 in FY 2023.
BUY USDINR JAN @ 86.35 SL 86.25 TGT 86.45-86.55.
EURINR
Observations
EURINR trading range for the day is 89.99-90.45.
EURINR rises amid global market relief and ECB policy insights
EU Dombrovskis stated that Europe would respond proportionally to any US tariffs in order to protect the region's economic interests.
Eurozone inflation rose for the third consecutive month to 2.4% in December
SELL EURINR JAN @ 90.3 SL 90.5 TGT 90.1-89.9.
GBPINR
Observations
GBPINR trading range for the day is 105.9-107.4.
GBPINR gains amid risk-on sentiment, BOE rate cut looms However, its outlook is still uncertain as BoE is almost certain to cut interest rates by 25 bps to 4.5% in February.
Soft UK inflation and Retail Sales data for December, weak labor demand in three months ending November
SELL GBPINR JAN @ 106.9 SL 107.2 TGT 106.6-106.4.
JPYINR
Observations
JPYINR trading range for the day is 55.11-56.01.
JPYINR declines on profit booking amid BOJ rate hike expectations
The BOJ is also likely to revise its inflation forecast higher, with growing optimism that rising wages will help Japan stay on track.
Japan's Finance Minister, Kato, reaffirmed the government's commitment to taking "appropriate action" to support the yen.
SELL JPYINR JAN @ 55.5 SL 55.7 TGT 55.3-55.2.
