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USDINR:

Observations

USDINR trading range for the day is 82.93-83.41.

Rupee dropped amid a risk-off in regional markets amid high inflationary pressures continuing to cloud the interest rate outlook.

India's wholesale inflation rose to a nine-month high of 0.73% in December.

The ongoing tension in the Red Sea will lead to an oil price hike in India.

SELL USDINR FEB @ 83.25 SL 83.4 TGT 83.05-82.95.

EURINR:

Observations:

EURINR trading range for the day is 90.36-90.8.

Euro dropped after ECB policymakers pushed back on expectations of interest rate cuts

Joachim Nagel stated it was premature to discuss cuts, citing high inflation levels

Eurozone industrial activity contracted for the third consecutive month in November

BUY EURINR JAN @ 90.3 SL 90.1 TGT 90.5-90.7.

GBPINR:

Observations

GBPINR trading range for the day is 104.67-105.63.

GBP dropped due to data indicating a labor market slowdown

Regular pay growth in the UK decelerated to 6.6% in September-November, the weakest rate since November-January 2023

Total pay growth dropped to 6.5%, below the forecasted 6.8% and lowest since Q1 of the previous year

BUY GBPINR JAN @ 104.9 SL 104.6 TGT 105.2-105.4

JPYINR:

Observations:

JPYINR trading range for the day is 56.71-57.09.

JPY weakened due to easing domestic inflation, reducing pressure on the Bank of Japan to raise interest rates

Japan's wholesale inflation was flat in December, slowing for the 12th straight month

Producer prices in Japan showed no growth year-on-year in December, beating market forecasts

SELL JPYINR JAN @ 56.9 SL 57.1 TGT 56.7-56.5

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