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USDINR

Observations

USDINR trading range for the day is 83.28-83.4.

Rupee dropped slightly as demand for the greenback from local corporates and large foreign banks weighed

RBI’s Das said the Indian Rupee has witnessed “low volatility” and orderly movements as compared to its peers

RBI’s Das estimates India's real GDP to grow by 6.5% in fiscal years 2023-24 and 2024-25.

SELL USDINR NOV @ 83.4 SL 83.55 TGT 83.22-83.1.

EURINR

Observations

EURINR trading range for the day is 90.68-91.2.

Euro steadied as traders digest fresh PMI surveys that showed a slower contraction in Eurozone business activity for November.

Germany Manufacturing PMI increased to 42.3 in November 2023, the highest in six months

Germany Composite PMI climbed to 47.1 in November 2023, rising from 45.9 in the previous month

SELL EURINR NOV @ 91 SL 91.2 TGT 90.75-90.6.

GBPINR

Observations

GBPINR trading range for the day is 103.87-105.05.

GBP remained supported due to the strong UK preliminary business PMI data

S&P Global/CIPS UK Composite PMI rose to 50.1 in November 2023 from 48.7 in October

S&P Global/CIPS United Kingdom Manufacturing PMI rose to 46.7 in November 2023, up from 44.8 in the previous month

JPYINR

Observations

JPYINR trading range for the day is 55.71-56.13.

JPY recovers from lows amid expectations that BoJ is getting closer to exiting the decade-long extremely accommodative monetary policy settings.

Bets that the Fed is done raising rates cap the recent USD recovery and also exert pressure on the major.

Data showed that Japan’s economy contracted faster than expected in Q3 amid slowing global demand and rising domestic inflation.

SELL JPYINR NOV @ 5600 SL 5620 TGT 55.9-55.65.