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USDINR

Observations

USDINR trading range for the day is 84.65-84.95.

Rupee declined to its weakest level hurt by concerns about economic growth slowing to its lowest in seven quarters

Growth seen at 6.1-6.8% for FY25 on 7-quarter Q2 low

The HSBC India Manufacturing PMI fell to 56.5 in November 2024, revised down from the initial estimate of 57.3

SELL USDINR DEC @ 84.9 SL 85.05 TGT 84.75-84.65.

EURINR

Observations

EURINR trading range for the day is 89.07-89.67.

Euro dropped as political turmoil in France deepened concerns over the stability of the Eurozone.

The Euro Area’s manufacturing sector deteriorated further in November

The HCOB Germany Manufacturing PMI was revised slightly lower to 43 in November 2024

SELL EURINR DEC @ 89.45 SL 89.65 TGT 89.2-89.

GBPINR

Observations

GBPINR trading range for the day is 107.22-108.16.

GBP gains following the UK house price data that showed dwellings’ prices rose more than expected in November.

The Nationwide House Price Index in the United Kingdom increased 3.7% year-on-year in November 2024

UK mortgage approvals rise to highest since August 2022

SELL GBPINR DEC @ 107.8 SL 108 TGT 107.5-107.3.

JPYINR

Observations

JPYINR trading range for the day is 56.08-57.34. 

JPY gains on short covering after pressure seen as markets remained divided on the timing of future BOJ interest rate hikes

Japan's factory activity falls at fastest pace in 8 months, PMI shows

Data showed that Japanese firms increased capital expenditure in the third quarter, signaling resilience in corporate confidence

SELL JPYINR DEC @ 56.9 SL 57.1 TGT 56.7-56.5.