Sell GBPINR DEC @ 105.1 SL 105.4 TGT 104.75-104.5 - Kedia Advisory
USDINR
Observation
USDINR trading range for the day is 83.35-83.45.
Rupee ended marginally lower as risk appetite in the region weakened and as crude oil prices resumed their uptrend.
FM Nirmala Sitharaman said that India's second-quarter growth is the highest in the world, and the country continues to maintain its momentum
The rupee forward premium inched up, with the 1-year implied yield rising to 1.64%
SELL USDINR DEC @ 83.5 SL 83.65 TGT 83.35-83.2
EURINR
Observations
EURINR trading range for the day is 89.65-90.13.
Euro seen pressure as Industrial production in Germany fell 0.4% month-over-month in October 2023
ECB Schnabel's comments indicated that further interest hikes were "rather unlikely"
The downturn in euro zone business activity eased last month
SELL EURINR DEC @ 90.1 SL 90.3 TGT 89.9-89.7
GBPINR
Observations
GBPINR trading range for the day is 104.45-105.27.
GBP settled flat as investors are gaining confidence the major central banks will cut rates early next year
UK House prices fall at slower pace in November
Futures markets show investors believe the first cut from the BoE might not happen until June
SELL GBPINR DEC @ 105.1 SL 105.4 TGT 104.75-104.5.
JPYINR
Observations
JPYINR trading range for the day is 56.52-58.44.
JPY rose after BOJ Governor Ueda made investors believe that the central bank may abandon the negative interest-rate policy earlier than anticipated.
Japan coincident index edges up to 4-month high
Japan leading index lowest in 3 months
BUY JPYINR DEC @ 57.7 SL 57.5 TGT 57.95-58.2.
