Sell USDINR Dec @ 90 SL 90.2 TGT 89.8-89.65 - Kedia Advisory
USDINR
SELL USDINR DEC @ 90 SL 90.2 TGT 89.8-89.65.
Observations
USDINR trading range for the day is 89.47-90.15.
Rupee ended a lower amid steady dollar demand from corporates and in the non-deliverable forwards market.
RBI announced a $10 billion dollar–rupee buy/sell swap, aimed at absorbing excess dollar liquidity in the banking system.
India's foreign exchange reserves saw a significant increase of $1.68 billion, reaching $688.94 billion.
EURINR
SELL EURINR DEC @ 106.1 SL 106.4 TGT 105.8-105.6.
Observations
EURINR trading range for the day is 105.42-106.2.
Euro dropped as policy outlooks between the ECB and the Federal Reserve continued to diverge.
ECB left interest rates unchanged for a fourth straight meeting and signaled that rates are likely to remain at current levels for some time.
The central bank now forecasts eurozone growth at 1.4% in 2025, up from a prior estimate of 1.2%.
GBPINR
SELL GBPINR DEC @ 121.6 SL 121.9 TGT 121.3-121.
Observations
GBPINR trading range for the day is 120.83-121.71.
GBP softens with the Greenback finding mild support amid reduced liquidity during the shortened US holiday session.
The Bank of England cut rates by 25 basis points to 3.75% in December, in a narrow 5-4 vote reflecting ongoing inflation concerns.
Governor Andrew Bailey said rates are likely to trend lower, but not as quickly as markets might hope.
JPYINR
SELL JPYINR DEC @ 57.7 SL 57.9 TGT 57.5-57.3.
Observations
JPYINR trading range for the day is 57.5-57.5.
JPY gains as traders remained focused on potential intervention from authorities.
FM Katayama’s recent comments highlighted Tokyo’s readiness to act against excessive yen movements, arresting the currency’s declines.
BOJ’s board members broadly agreed that real interest rates remain low and that, if the outlook for growth and prices is realized.
