Sell usdinr Jan @ 83.2 SL 83.35 TGT 83.05-82.95 - Kedia Advisory
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USD/INR:
Observations:
USDINR trading range for the day is 83.08-83.2.
Rupee ended marginally higher aided by a slight uptick in the offshore Chinese yuan and a pullback in the dollar index.
HSBC India Composite PMI rose to 61.0 in January 2024, indicating strong growth in private sector
HSBC Flash India Manufacturing PMI rose to 56.9 in January 2024, indicating strongest growth in factory sector in four months
SELL USDINR JAN @ 83.2 SL 83.35 TGT 83.05-82.95
EURINR:
Observations:
EURINR trading range for the day is 90.19-90.91.
Euro gains as traders digest data indicating a slight easing in Eurozone business activity downturn
Eurozone private sector contracted the least since last July, with manufacturing downturn easing
HCOB Germany Manufacturing PMI increased to 45.4 in January, highest in eleven months
SELL EURINR JAN @ 90.6 SL 90.8 TGT 90.4-90.2.
GBPINR:
Observations:
GBPINR trading range for the day is 105.27-106.45.
GBP gains as investors anticipate Bank of England rate cuts later than Euro Area and US
Smaller-than-expected budget deficit in December potentially allows for tax cuts in March budget
UK retail sales decline sharply, inflation rate increases, raising risk of recession
SELL GBPINR JAN @ 105.7 SL 106 TGT 105.4-105.2.
JPYINR:
Observations:
JPYINR trading range for the day is 56.08-56.66.
JPY gains supported by BOJ comments on phasing out stimulus and raising interest rates
Larger-than-expected rise in Japan's exports and geopolitical tensions also support JPY
BoJ lowers forecast for core consumer prices, tempering hopes for tightening policy
SELL JPYINR JAN @ 56.4 SL 56.6 TGT 56.2-56.
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