Sell JPYINR Dec @ 57.2 SL 57.4 TGT 57-56.8. - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.76-84.88.
Rupee weakened amid renewed US Dollar demand from importers and local oil companies, and concerns over slowing domestic growth.
The MPC believes that only with durable price stability can strong foundations be secured for high growth - RBI Governor.
India's forex reserves increased by $1.51 billion to $658.091 billion for the week ended November 29
BUY USDINR DEC @ 84.8 SL 84.7 TGT 84.9-85.
EURINR
Observations
EURINR trading range for the day is 89.33-90.05.
Euro dropped amid political turmoil in France and anticipation of upcoming ECB decisions.
Euro zone productivity growth remained weak in the third quarter despite a modest expansion in the bloc's economy
The ECB is anticipated to cut another 25 bps at its December meeting on Thursday
SELL EURINR DEC @ 89.85 SL 90.05 TGT 89.65-89.45.
GBPINR
Observations
GBPINR trading range for the day is 107.54-109.14.
GBP stable as BOE is expected to be among those central banks that will follow a more gradual policy-easing cycle
Fed Governor Michelle Bowman vowed to be cautious on interest rate cuts as price pressures are still elevated.
Higher contributions by UK employers to the National Insurance norm in Labour’s first budget have weighed on labor demand.
SELL GBPINR DEC @ 108.4 SL 108.7 TGT 108.1-107.9
JPYINR
Observations
JPYINR trading range for the day is 56.87-57.31.
JPY remained stable as investors digested a revision to Japan's economic growth data.
Japan’s economy grew by 0.3% quarter-on-quarter in the three months to September, surpassing the preliminary estimate
Japan services sentiment hits 8-month peak
SELL JPYINR DEC @ 57.2 SL 57.4 TGT 57-56.8.
