Sell GBPINR Jan @ 107.1 SL 107.4 TGT 106.8-106.6 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 85.92-86.16.
Rupee hit its all-time low pressured by a pickup in the dollar as traders pondered a more cautious U.S. rate cut cycle
India's economy is forecast to expand by a lower-than-expected 6.4% in FY25 – ONS
India's Gross Domestic Product (GDP) is projected to grow at 6.4% in the fiscal year 2024-25, marking a four-year low
BUY USDINR JAN @ 86.05 SL 85.95 TGT 86.15-86.25.
EURINR
Observations
EURINR trading range for the day is 88.44-89.72.
Euro dropped as strong US economic data dampened expectations for further Federal Reserve rate cuts
Factory orders in Germany tumbled 5.4% mom in November 2024
Retail sales in Germany decreased 0.6% month-over-month in November 2024
SELL EURINR JAN @ 89 SL 89.2 TGT 89-88.8.
GBPINR
Observations
GBPINR trading range for the day is 106.37-107.77.
GBP dropped as strong US economic data diminished the likelihood of further Federal Reserve interest rate cuts.
BofA cuts UK's 2025 GDP growth forecast to 1.4% from 1.5%.
The S&P Global UK Construction PMI fell to 53.3 in December 2024, the lowest in six months, from 55.2 in November.
SELL GBPINR JAN @ 107.1 SL 107.4 TGT 106.8-106.6.
JPYINR
Observations
JPYINR trading range for the day is 54.31-54.91.
JPY has been under pressure amid growing uncertainty over the timing of interest rate hikes by the Bank of Japan.
Finance Minister Katsunobu Kato reiterated his warning against speculative, one-sided moves in the currency market
The central bank highlighted the need for caution given both domestic and global uncertainties.
BUY JPYINR JAN @ 54.6 SL 54.4 TGT 54.8-55.
