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USDINR

Observations

USDINR trading range for the day is 82.78-83.26.

Rupee rose supported by dollar inflows towards both debt and equity investments and dollar sales by foreign banks

The annual inflation rate in India edged higher to 5.69% in December 2023 from 5.55% in November

RBI Governor Das emphasized that the Indian banking system is well-placed to support India’s growth outlook.

SELL USDINR JAN @ 83.05 SL 83.2 TGT 82.88-82.75

EURINR

Observations

EURINR trading range for the day is 90.69-91.47.

Euro dropped after remarks from ECB policy makers regarding potential interest rate cuts.

ECB President Christine Lagarde suggests interest rates in eurozone have peaked

Protracted economic weakness in the euro zone could harm central Europe's recovery prospects

BUY EURINR JAN @ 91.1 SL 90.9 TGT 91.3-91.5.

GBPINR

Observations

GBPINR trading range for the day is 105.42-106.38.

GBP dropped as investors analyzed economic data and its potential impact on monetary policy outlook

The British economy expanded 0.3% month-over-month in November 2023

The UK's trade deficit narrowed sharply to £1.408 billion in November 2023 from a revised £3.198 billion in the previous month

SELL GBPINR JAN @ 106 SL 106.3 TGT 105.7-105.5

JPYINR

Observations

JPYINR trading range for the day is 57.12-57.68

JPY steadied as investors look ahead to domestic inflation data to guide the outlook on BOJ monetary policy.

Expectations that the BoJ will stick to its ultra-dovish policy stance should cap the upside for the JPY.

Diminishing odds for an early rate cut by the Fed could lend support to the buck and the USD/JPY pair

SELL JPYINR JAN @ 57.4 SL 57.6 TGT 57.2-57.