Sell GBPINR Dec @ 108.6 SL 108.9 TGT 108.3-108. - Kedia advisory
USDINR
Observations
USDINR trading range for the day is 84.89-85.01.
Rupee settled flat amid central bank intervention and market uncertainty
Dollar-selling intervention by the RBI, via state-run banks, helped the rupee avert deeper losses.
Dollar-rupee forward premiums rose, with the 1-year implied yield rising 11 basis points to 2.17%.
BUY USDINR DEC @ 84.9 SL 84.8 TGT 85-85.1.
EURINR
Observations
EURINR trading range for the day is 88.79-89.79.
Euro dropped 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 @ 89.3 SL 89.5 TGT 89.1-88.9.
GBPINR
Observations
GBPINR trading range for the day is 107.85-108.69.
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 56.11-57.19.
JPY dropped as the dollar strengthened ahead of a key US inflation report.
Japan's business survey index for large manufacturing firms rose to 6.3% in the fourth quarter of 2024
Producer prices in Japan surged at the fastest pace in 16 months in November.
SELL JPYINR DEC @ 56.5 SL 56.7 TGT 56.2-56.
