Sell EURINR Jan @ 88.9 SL 89.1 TGT 88.6-88.4 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 85.77-86.09.
Rupee closed at its weakest closing level on record for the eighth consecutive session
A widened arbitrage between the non-deliverable and outright forwards market added to the currency's troubles.
Dollar-rupee forward premiums with the 1-year implied yield touching its highest level since October 2022.
BUY USDINR JAN @ 85.9 SL 85.8 TGT 86-86.1.
EURINR
Observations
EURINR trading range for the day is 88.58-89.42.
Euro dropped as manufacturers in the euro zone ended last year on a sour note, with factory activity declining at a faster rate.
ECB policymaker Makhlouf warned that some elements of services inflation in the Eurozone were a bit concerning.
Investors expect the ECB to cut interest rates steadily by 25 bps in each meeting till June.
SELL EURINR JAN @ 88.9 SL 89.1 TGT 88.6-88.4.
GBPINR
Observations
GBPINR trading range for the day is 106.32-108.16.
GBP dropped as dollar seen supported amid prospect that the Federal Reserve will slow the easing cycle this year.
Fed officials projected they will make just two quarter-percentage-point rate reductions by the end of 2025.
Dovish BoE bets and Trump’s tariff threats could undermine the GBP.
SELL GBPINR JAN @ 107.1 SL 107.4 TGT 106.8-106.5.
JPYINR
Observations
JPYINR trading range for the day is 54.61-55.05.
JPY remained in range as investors continued to digest the Bank of Japan’s interest rate outlook
Minutes from the BoJ's December meeting revealed that policymakers had debated the possibility of a near-term rate hike
Finance Minister Katsunobu Kato reiterated concerns about the weakening yen and warned against excessive currency fluctuations.
SELL JPYINR JAN @ 54.8 SL 55 TGT 54.6-54.4.
