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USDINR

Observations

USDINR trading range for the day is 82.91-83.21.

Rupee ended little changed ahead of the key U.S. inflation data that could potentially help investors reassess the outlook for interest rates.

The annual inflation rate in the US rose to 3.4% in December, from 3.1% in November

India is on track to become one of the top three global economies, Indian Prime Minister Modi said.

SELL USDINR JAN @ 83.2 SL 83.35 TGT 83.05-82.95.

EURINR

Observations

EURINR trading range for the day is 90.98-91.5.

Euro gains as investors digested comments from multiple ECB policymakers

Euro zone facing weak growth, possible recession, ECB's de Guindos says

Euro zone's services sector may slow further, ECB says

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

GBPINR

Observations

GBPINR trading range for the day is 105.67-106.21.

GBP rose as investors digested remarks by Bank of England Governor Andrew

The governor told the UK parliament that consumers and the UK economy are holding up despite the rapid rise in borrowing costs

Money markets currently pricing in around 115 basis points (bps) of BoE rate cuts in 2024.

BUY GBPINR JAN @ 105.7 SL 105.4 TGT 106-106.2.

JPYINR

Observations

JPYINR trading range for the day is 57.11-57.53. 

JPY dropped as investors awaited US inflation data and domestic inflation figures

Bank of Japan maintained ultra-loose monetary settings and did not comment on ending negative rates

Reserve assets in Japan rose to $1.295 trillion in December, highest level since July 2022

BUY JPYINR JAN @ 57 SL 56.8 TGT 57.2-57.4.