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USDINR

Observations

USDINR trading range for the day is 84.49-84.95.

Rupee strengthened after the Indian central bank kept policy rates unchanged but cut banks' cash reserve ratio.

The central bank kept the key repo rate unchanged at 6.5% as expected but lowered the cash reserve ratio by 50% to 4%.

The Indian GDP expanded 5.4% in Q3, the slowest growth since Q4 2022, while inflation is on the rise.

SELL USDINR DEC @ 84.85 SL 84.95 TGT 84.75-84.65.

EURINR

Observations

EURINR trading range for the day is 89.46-90.04.

Euro gains as investors attempt to move forward from the already anticipated collapse of a mere three-month-long Michel Barnier’s government

The ECB is expected to cut its Deposit Facility Rate by 25 bps to 3% next week.

German industrial production fell in October by 1.0% compared with the previous month.

SELL EURINR DEC @ 89.85 SL 90.05 TGT 89.65-89.45

GBPINR

Observations

GBPINR trading range for the day is 107.67-108.67.

GBP gains as UK house prices rose for the fifth month in a row in November

BOE Governor Bailey hinted at the possibility of four interest rate cuts in the coming year if inflation continues to decline.

The Halifax House Price Index in the UK increased 4.8% yoy in November 2024, the most in two years

SELL GBPINR DEC @ 108.25 SL 108.45 TGT 108-107.75

JPYINR 

Observations

JPYINR trading range for the day is 56.87-57.55.

JPY stabilized after data revealed that inflation-adjusted real wages in Japan were unchanged in October.

Japan’s foreign reserves increased by $49 million, reaching a total of $1.24 trillion in November 2024.

BOJ’s Nakamura expressed concerns about the sustainability of wage growth and noted signs of economic weakness, suggesting he may oppose a rate hike.

SELL JPYINR DEC @ 57.2 SL 57.4 TGT 57-56.8.