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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.