Sell Usdinr Jan @ 83.25 SL 83.4 TGT 83.1-83 - Kedia Advisory
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USD/INR:
Observations:
USDINR trading range for the day is 83.04-83.26
Rupee weakened due to dollar demand from local oil companies and foreign banks
Government aims for a fiscal deficit to GDP ratio of 5.3% in FY25, but may miss the 5.9% target for FY24
India's foreign exchange reserves increased by $1.6 billion to $618.94 billion as of January 12, 2024
SELL USDINR JAN @ 83.25 SL 83.4 TGT 83.1-83.
EURINR:
Observations:
EURINR trading range for the day is 90.15-90.89.
Euro gains as risk sentiment improved as investors remained cautious ahead of ECB’s policy decision
ECB policymakers agreed that inflation would be brought back towards the 2% target in 2025
The euro zone's current account surplus declined in November on lower primary income
SELL EURINR JAN @ 90.6 SL 90.8 TGT 90.4-90.2.
GBPINR:
Observations:
GBPINR trading range for the day is 105.43-106.01.
GBP gains as BoE is expected to maintain its current restrictive policy stance.
The escalated geopolitical situation improves the risk aversion sentiment and increases the demand for Dollar.
Public sector net borrowing, excluding public sector banks in the UK, narrowed to £7.8 billion in December 2023
SELL GBPINR JAN @ 105.7 SL 106 TGT 105.4-105.2.
JPYINR:
Observations:
JPYINR trading range for the day is 55.79-56.89.
JPY gains as BOJ Governor latest remarks revived speculation about a possible shift in the country’s monetary policy.
BOJ kept its key short-term interest rate at -0.1% and retained the 1% upper limit on the 10-year Japanese government bond yield
The central bank also refrained from making any comments about a possible shift in monetary policy this year.
SELL JPYINR JAN @ 56.4 SL 56.6 TGT 56.2-56
