Sell USDINR Dec @ 84.7 SL 84.8 TGT 84.6-84.5 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 84.55-84.77.
Rupee ended November with its worst monthly performance in eight, as Donald Trump's victory in the U.S. election boosted the dollar.
India's GDP expanded by 5.4% in September 2024, a slowdown from 6.7% in the previous period.
Foreign investors net sold more than $1.7 billion of local stocks and bonds in November, adding to the $11.5 billion outflow of the previous month.
SELL USDINR DEC @ 84.7 SL 84.8 TGT 84.6-84.5.
EURINR
Observations
EURINR trading range for the day is 89.38-89.88.
Euro gains as dollar dropped below 106 after US PCE inflation data met expectations
ECB's Villeroy: Should keep door open of larger rate cut in December
German annual inflation remained flat in November despite expectations of a second consecutive increase
SELL EURINR DEC @ 89.8 SL 90 TGT 89.5-89.3.
GBPINR
Observations
GBPINR trading range for the day is 107.05-108.15.
GBP gains as dollar struggles amid bets for another interest rate cut by the Federal Reserve in December.
Traders have been scaling back their bets for another interest rate cut by the Bank of England (BoE) this year.
Net consumer credit in the United Kingdom rose by £1.1 billion in October 2024, the least in four months.
SELL GBPINR DEC @ 107.7 SL 108 TGT 107.4-107.1.
JPYINR
Observations
JPYINR trading range for the day is 56.33-57.11.
JPY gains as investors reacted to data showing Tokyo’s inflation had risen above 2% in November.
The inflation data bolstered expectations for another interest rate hike from the Bank of Japan in December.
Markets are now pricing in a roughly 60% chance of a 25 basis point rate hike next month, up from about 50% a week ago.
SELL JPYINR DEC @ 56.9 SL 57.1 TGT 56.6-56.4.
