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USDINR

Observations

USDINR trading range for the day is 82.91-83.35.

Rupee ended higher for a sixth consecutive session on expected foreign inflows.

The National Statistical Office estimated that the Indian economy will grow at 6.2% in the next fiscal year.

Markets are currently pricing in a 66% chance of the Fed easing rates in March.

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

EURINR

Observations

EURINR trading range for the day is 90.8-91.22.

Euro steadied as investors analyzed comments from ECB policymakers

ECB Vice President confirms possibility of technical recession in 2023

ECB plans to reduce interest rates once 2% inflation target is met

BUY EURINR JAN @ 91 SL 90.8 TGT 91.2-91.35.

GBPINR

Observations

GBPINR trading range for the day is 105.44-105.92.

GBP drops further ahead of BoE Bailey’s speech.

The UK economy is on the brink of shifting into a technical recession.

Market mood remains downbeat ahead of US Inflation data.

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

JPYINR

Observations

JPYINR trading range for the day is 57.35-57.85.

JPYINR FEB-JAN 0.3400 BUY JPYINR JAN @ 57 SL 56.8 TGT 57.2-57.4.

JPY weakens following the release of weaker domestic wage growth data.

Elevated US bond yields lend support to the USD and support prospects for further gains.

A positive risk tone further undermines the JPY and lifts USD/JPY to a fresh weekly top.

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