Sell GBPINR Dec @ 108.6 SL 108.9 TGT 108.3-108 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.82-85.04.
Rupee weakened to its all-time low as traders reacted to the appointment of Sanjay Malhotra as the next RBI governor.
The Indian central bank revised its real GDP growth forecast for the current fiscal year, lowering it from 7.2% to 6.6%.
Dollar sales by state-run banks, most likely on behalf of the RBI, helped limit the rupee's losses
BUY USDINR DEC @ 84.9 SL 84.8 TGT 85-85.1.
EURINR
Observations
EURINR trading range for the day is 89.4-89.92.
Euro steadied as traders brace for the ECB monetary policy decision.
ECB is widely expected to cut the key deposit rate by 25 basis points for the fourth time, bringing it down to 3% on Thursday.
The Eurozone economy continues to exhibit signs of weakness, compounded by political uncertainty in France
SELL EURINR DEC @ 89.65 SL 89.85 TGT 89.45-89.25.
GBPINR
Observations
GBPINR trading range for the day is 108.1-108.5.
GBP remained in range as BoE is set to leave interest rates steady next week
The impact of US inflation should be limited on Fed interest rate prospects unless there is a dramatic deviation from expectations.
Investors expect the BoE to leave interest rates steady at 4.75% on December 19.
SELL GBPINR DEC @ 108.6 SL 108.9 TGT 108.3-108.
JPYINR
Observations
JPYINR trading range for the day is 56.66-57.16.
JPY weakens amid BOJ rate hike uncertainty
Markets remain divided on whether the central bank will raise rates in December or January.
BOJ Governor Ueda suggested that a rate hike is imminent, citing the economy's performance in line with expectations.
SELL JPYINR DEC @ 56.9 SL 57.1 TGT 56.6-56.4.
