SELL USDINR DEC @ 83.3 SL 83.45 TGT 83.15-83.05.-Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.05-83.29.
Rupee weakened as dollar demand from importers, including local oil companies, eroded the impact of positive global cues.
Fiscal deficit at 6% to exceed government target in FY24:
Ind-Ra India's resilient economy seen expanding 6.7% in FY24
SELL USDINR DEC @ 83.3 SL 83.45 TGT 83.15-83.05.
EURINR
Observations
EURINR trading range for the day is 91.47-91.79.
Euro remained in range after fresh PCE inflation for the US reinforced bets the Fed will start cutting interest rates next year
Traders also anticipate the ECB to decrease borrowing costs next year, possibly aligning with the Fed's pace
Euro zone consumer confidence rose by 1.8 points in December from the November number
SELL EURINR DEC @ 91.8 SL 92 TGT 91.6-91.45.
GBPINR
Observations
GBPINR trading range for the day is 105.35-105.85.
GBP dropped as Q3 data showed a contraction in the British economy
The CPI report showcased a slowdown in UK inflation to 3.8%, below the projected 4.4%
The core inflation rate dropped to 5.1%, lower than the expected 5.6%.
SELL GBPINR DEC @ 105.9 SL 106.2 TGT 105.6-105.4.
JPYINR
Observations
JPYINR trading range for the day is 58.28-58.6.
JPYINR JAN-DEC 0.3975 SELL JPYINR DEC @ 58.5 SL 58.7 TGT 58.3-58.1.
JPY dropped despite Bank of Japan Governor Kazuo Ueda’s latest remarks alluding to progress on inflation.
Ueda said the likelihood of Japan's economy getting out of the low-inflation environment
Japan’s unemployment rate stood at 2.5% in November 2023, unchanged from the previous month
SELL JPYINR DEC @ 58.5 SL 58.7 TGT 58.3-58.1.
