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USDINR

Observations

USDINR trading range for the day is 85.29-86.33.

Rupee weakened to an all-time low weighed down by persistently strong dollar demand in the non-deliverable forwards (NDF) market.

Pressure was also seen as India's trade deficit widened and concerns about slowing growth emerged.

The Indian economy is expected to grow by nearly 6.5 percent in the current fiscal year 2024-25.

SELL USDINR JAN @ 85.85 SL 85.95 TGT 85.75-85.65.

EURINR

Observations

EURINR trading range for the day is 88.87-89.97.

Euro gains driven by diverging expectations for central bank policies.

ECB needn't be restrictive if inflation momentum at 2% – Lane ECB’s

Lagarde said the Eurozone was "very close" to its medium-term inflation target

SELL EURINR JAN @ 89.6 SL 89.8 TGT 89.4-89.2

GBPINR

Observations

GBPINR trading range for the day is 106.79-107.99.

GBP gains as wage growth accelerated in the three months to October and inflation rose to 2.6% in November

British business confidence fell to its lowest level of 2024 in December

GDP figures showed that the British economy flat-lined in the third quarter of the year

BUY GBPINR JAN @ 107.4 SL 107.1 TGT 107.7-108

JPYINR

Observations

JPYINR trading range for the day is 53.86-54.86.

JPY dropped as Fed’s hawkish messaging contrasted with BOJ’s cautious approach to further policy tightening.

Retail sales in Japan grew by 2.8% year-on-year in November 2024, up from a downwardly revised 1.3% rise in October.

Japan's industrial production declined by 2.3% month-over-month in November 2024.

SELL JPYINR JAN @ 54.6 SL 54.8 TGT 54.4-54.2