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USDINR

Observations

USDINR trading range for the day is 84.72-84.96.

Rupee logged its weakest closing level hurt by a lingering deprecation bias and broad-based dollar bids

The RBI was likely conducting dollar-rupee buy/sell swaps in the mid-to-far tenors, which weighed down forward premiums.

The 1-year dollar-rupee implied yield fell to a four-month low of 1.95%, having declined nearly 30 basis points over three sessions.

SELL USDINR DEC @ 84.9 SL 85 TGT 84.8-84.7.

EURINR

Observations

EURINR trading range for the day is 88.96-89.52.

Euro dropped as caution persists as traders closely monitor the unfolding political situations in France.

ECB's Rehn says grounds for rate cut in Dec have increased

Spain services sector posts softest growth in 10 months

SELL EURINR DEC @ 89.3 SL 89.5 TGT 89.1-88.9.

GBPINR

Observations

GBPINR trading range for the day is 106.84-108.26.

GBP steadied after BOE Governor Bailey said gradual cuts in interest rates were likely over the coming year

BoE Governor Bailey predicted four interest-rate cuts in 2025 as he expects the disinflation process is embedded.

Traders expect the BoE to keep interest rates steady at 4.75% at this month's meeting.

SELL GBPINR DEC @ 107.8 SL 108.1 TGT 107.5-107.3

JPYINR

Observations

JPYINR trading range for the day is 56.81-57.29.

JPY steadied as the market remains divided over the timing of future BOJ interest rate hikes.

The au Jibun Bank Japan Services PMI was revised upward to 50.5 in November 2024

The au Jibun Bank Flash Japan Composite PMI was revised higher to 50.1 in November 2024 from 49.8 in the preliminary estimates

SELL JPYINR DEC @ 57 SL 57.2 TGT 56.8-56.6.