SELL EURINR JAN @ 89.45 SL 89.65 TGT 89.25-89.05. - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 85.7-86.
Rupee declined to a record low weighed down by a decline in most Asian currencies.
India's current account gap narrows to 1.2% of GDP in July-Sept, central bank says
India's merchandise trade deficit widened to $75.3 billion during July-September, from $64.5 billion in the year-ago period.
BUY USDINR JAN @ 85.85 SL 85.75 TGT 85.9-86.05.
EURINR
Observations
EURINR trading range for the day is 89.27-89.61.
Euro remained in range as Spanish inflation data fueled expectations of gradual ECB rate cuts.
Spain’s consumer prices rose 2.8% year-on-year in December, up from 2.4% in November.
ECB does not need to keep interest rates at a restrictive level, which curbs the economy, when inflation momentum is at 2%
SELL EURINR JAN @ 89.45 SL 89.65 TGT 89.25-89.05.
GBPINR
Observations
GBPINR trading range for the day is 106.76-108.3.
GBP came under pressure as traders slightly increased their dovish bets on the BOE’s policy stance in 2025.
Market expectations now reflect a 53 bps interest rate reduction, up from the 46 bps projected.
Fed signaled a more cautious outlook for additional rate cuts in 2025, marking a shift in its monetary policy stance.
SELL GBPINR JAN @ 107.8 SL 108.1 TGT 107.5-107.3.
JPYINR
Observations
JPYINR trading range for the day is 54.64-55.34.
JPY rose as investors continued to assess the Bank of Japan's interest rate outlook
Finance Minister Katsunobu Kato reiterated concerns over the declining yen and warned against excessive currency fluctuations.
BOJ policymakers discussed the possibility of raising interest rates in the near future, with some arguing that conditions were ripe for such a move.
SELL JPYINR JAN @ 55 SL 55.2 TGT 54.8-54.6.
