Buy USDINR Jan @ 86 SL 85.9 TGT 86.1-86.2 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 85.84-86.4.
Rupee weakened as the dollar strengthened on the back of expectations of slower-than-anticipated rate cuts by Fed.
India rupee NDF volume hits record high on arbitrage activity
India's Gross Domestic Product (GDP) is projected to grow at 6.4% in the fiscal year 2024-25
BUY USDINR JAN @ 86 SL 85.9 TGT 86.1-86.2.
EURINR
Observations
EURINR trading range for the day is 88.53-89.09.
Euro slipped amid concerns over US trade policies and Eurozone inflation data.
Germany's trade surplus widened to EUR 19.7 billion in November 2024 from EUR 13.4 billion in October
Industrial production in Germany increased 1.5% month-over-month in November 2024
SELL EURINR JAN @ 88.9 SL 89.1 TGT 88.7-88.5.
GBPINR
Observations
GBPINR trading range for the day is 105.36-106.86.
GBP fell as a stronger US dollar overshadowed elevated UK borrowing costs
Investors expect the BOE to cut rates by about 50 basis points this year, despite inflation remaining above the 2% target.
The S&P Global UK Construction PMI fell to 53.3 in December 2024, the lowest in six months
BUY GBPINR JAN @ 105.8 SL 105.5 TGT 106.1-106.3.
JPYINR
Observations
JPYINR trading range for the day is 54.42-54.74.
JPY dropped amid strength of the dollar bolstered by hawkish signals from the Federal Reserve and growing concerns over Trump’s tariff threats.
Real wages in Japan fell by 0.3% year-on-year in November, marking the fourth consecutive month of negative real wage growth.
Consumer sentiment in Japan weakened in December, further supporting dovish expectations for BOJ policy.
SELL JPYINR JAN @ 54.7 SL 54.9 TGT 54.5-54.3.
