Sell EURINR Jan @ 89.35 SL 89.55 TGT 89.15-89 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 85.25-87.19.
Rupee settled flat reflecting subdued trading as the RBI likely intervened to stabilize the currency.
The HSBC India Services PMI was revised lower to 59.3 in December 2024, from preliminary estimates of 60.8
The HSBC India Composite PMI stood at 59.2 in December 2024, less than the flash estimate of 60.7
BUY USDINR JAN @ 85.88 SL 85.78 TGT 85.98-86.08.
EURINR
Observations
EURINR trading range for the day is 88.32-89.9.
Euro recovers on short covering as markets focused on upcoming inflation data across Europe.
The HCOB Eurozone Composite PMI rose slightly to 49.6 in December from 48.3 in November
The HCOB Germany Composite PMI was revised higher to 48 in December 2024 from a preliminary of 47.8
SELL EURINR JAN @ 89.35 SL 89.55 TGT 89.15-89.
GBPINR
Observations
GBPINR trading range for the day is 106.54-107.96.
GBP recovers on short covering after pressure seen weighed down by concerns over the UK’s economic resilience
Fed officials highlighted a need to balance inflation control with maintaining a strong labor market.
The dovish BOE bets might cap the upside for the pair in the near term.
SELL GBPINR JAN @ 107.5 SL 107.8 TGT 107.2-107.
JPYINR
Observations
JPYINR trading range for the day is 54.47-54.85.
JPY weakened as uncertainty over the timing of Bank of Japan interest rate hikes persists.
BOJ Governor reiterated that the timing of any monetary policy adjustments will depend on economic, price, and financial developments.
The au Jibun Bank Japan Services PMI was revised lower to 50.9 in December 2024 from a flash reading of 51.4.
SELL JPYINR JAN @ 54.8 SL 55 TGT 54.6-54.4.
