Sell JPYINR Jan @ 55 SL 55.2 TGT 54.75-54.5 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.96-85.68.
Rupee weakened to its all-time low as strong demand for the greenback from importers added pressure.
Dollar-rupee forward premiums rose on Monday with the 1-year implied yield up 2 basis points at 2.24%
India's foreign exchange reserves decreased by $1.98 billion to $652.87 billion as of December 13.
SELL USDINR JAN @ 85.45 SL 85.55 TGT 85.35-85.25.
EURINR
Observations
EURINR trading range for the day is 88.7-89.04.
Euro steadied 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 @ 88.9 SL 89.1 TGT 88.7-88.5.
GBPINR
Observations
GBPINR trading range for the day is 105.98-107.38.
GBP remained in range after survey reported a decline in domestic UK business confidence
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 @ 106.4 SL 106.2 TGT 106.7-106.9.
JPYINR
Observations
JPYINR trading range for the day is 54.34-55.22.
JPY dropped as BOJ minutes reiterated the possibility of gradual rate hikes if inflation trends align with expectations
Japan Finance Minister Katsunobu Kato raised concerns about recent FX moves
Investors now seem convinced that the BoJ will not hike interest rates at its next monetary policy meeting in January and wait until March
SELL JPYINR JAN @ 55 SL 55.2 TGT 54.75-54.5.
