Sell GBPINR Dec @ 118.25 SL 118.5 TGT 117.9-117.6 - Kedia Advisory
USDINR
SELL USDINR DEC @ 89.45 SL 89.6 TGT 89.25-89.15.
Observations
USDINR trading range for the day is 89.12-89.6.
Rupee closed marginally weaker troubled by portfolio outflows and routine hedging demand from local importers
RBI Governor stated the central bank does not target any specific rupee level, attributing recent depreciation to dollar demand.
India's economic growth target for the fiscal year ending March 2026 is now 6.5 percent.
EURINR
SELL EURINR DEC @ 103.7 SL 104 TGT 103.4-103.2.
Observations
EURINR trading range for the day is 103.33-103.93.
Euro gains as investors sold the dollar following weaker-than-expected US economic data.
European Central Bank is expected to keep interest rates unchanged throughout 2026, citing a resilient economy and inflation near target.
ECB policymakers noted that the central bank “is in a good place,” though concerns persist over strong inflation in groceries and services.
GBPINR
SELL GBPINR DEC @ 118.25 SL 118.5 TGT 117.9-117.6.
Observations
GBPINR trading range for the day is 117.3-118.14.
GBP gains as traders awaited Chancellor Rachel Reeves’s crucial budget.
Inflation eased to 3.6% in October, boosting expectations that the Bank of England will cut rates next month.
Britain’s main minimum wage rate will rise by 4.1% to £12.71 ($16.67) an hour next April to keep up with average pay
JPYINR
SELL JPYINR DEC @ 57.6 SL 57.8 TGT 57.4-57.2.
Observations
JPYINR trading range for the day is 57.58-57.6.
JPY settled flat as traders ramped up bets on a US Federal Reserve rate cut in December.
JPY also found support amid rising speculation that Japanese authorities could intervene in currency markets.
The Japanese economy grew by just 0.1% in 2024, a sharp moderation from the 1.5% expansion in the prior year and the softest pace since 2020.
