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USDINR

Observations

USDINR trading range for the day is 83.28-83.42.

Rupee closed little changed as U.S. dollar demand from oil companies and other importers eroded the impact of the weak dollar

The US economy expanded an annualized 5.2% in Q3, higher than 4.9% in the preliminary estimate, and forecasts of 5%.

S&P Global Ratings raised India’s growth forecast for the current financial year to 6.4% from 6.0%.

SELL USDINR DEC @ 83.4 SL 83.55 TGT 83.22-83.1

EURINR

Observations

EURINR trading range for the day is 91.33-91.89.

Euro gains as dovish comments from Fed officials weighed on the greenback.

German import prices fall for 8th month

European Central Bank (ECB) Vice President Luis de Guindos said, “our objective is to bring inflation back to 2% target.”

SELL EURINR DEC @ 91.6 SL 91.8 TGT 91.4-91.2

GBPINR

Observations

GBPINR trading range for the day is 105.38-106.14.

GBP gains as investors digested hawkish statements from Bank of England policymakers.

Consumer credit in the United Kingdom grew by £1.289 billion in October of 2023

Diminishing odds for an early BoE rate cut remain supportive of the strong follow-through move-up.

SELL GBPINR DEC @ 106 SL 106.3 TGT 105.7-105.5.

JPYINR

Observations

JPYINR trading range for the day is 56.51-57.09.

JPYINR JAN-DEC 0.3550 SELL JPYINR DEC @ 56.8 SL 57 TGT 56.6-56.4. JPY rose as dovish hints from US policymakers reinforced bets that the Federal Reserve is done raising interest rates

BOJ’s Adachi said that the economy is yet to reach a stage where the central bank could debate an exit from ultra-easy monetary policy.

The BOJ reaffirmed its commitment to accommodative monetary policies and re-defined 1% as a loose "upper bound" rather than a rigid cap on 10-year JGBs

SELL JPYINR DEC @ 56.8 SL 57 TGT 56.6-56.4.