SELL JPYINR DEC @ 56.95 SL 57.15 TGT 56.75-56.6 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.36-83.46.
Rupee hovered in a tight range as likely intervention by the central bank offset local demand for the greenback.
The S&P Global India Services PMI declined to 56.9 in November 2023 from 58.4 in the previous month
The S&P Global India Composite PMI slipped to 57.4 in November 2023 from 58.4, registering the lowest reading since November 2022.
SELL USDINR DEC @ 83.5 SL 83.65 TGT 83.35-83.2.
EURINR
Observations
EURINR trading range for the day is 90.07-90.75.
Euro dropped as investors continued to assess the economic and interest rate outlook globally.
The US Dollar recovery, amid broad risk-aversion, and dovish comments from ECB official Schnabel weigh on the pair.
European Central Bank official Isabel Schnabel said further interest hikes are "rather unlikely", after an unexpectedly big fall in inflation.
SELL EURINR DEC @ 90.3 SL 90.5 TGT 90.1-89.9
GBPINR
Observations
GBPINR trading range for the day is 105.07-105.61.
GBP dropped tracking a general cautious mood, as traders continue to gauge the monetary policy outlook.
UK retail sales rise 2.6% in November The British public's expectations for inflation over the medium to long term, rose in October
SELL GBPINR DEC @ 105.5 SL 105.8 TGT 105.2-105.
JPYINR
Observations
JPYINR trading range for the day is 56.78-57.18.
JPYINR JAN-DEC 0.3425 SELL JPYINR DEC @ 56.95 SL 57.15 TGT 56.75-56.6.
JPY dropped after Japan Services PMI was revised downward to 50.
Markets also digested data showing Tokyo’s core inflation rate, rose less than expected in November.
SELL JPYINR DEC @ 56.95 SL 57.15 TGT 56.75-56.6.
