SELL USDINR JAN @ 83.35 SL 83.5 TGT 83.2-83.1 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.15-83.45.
Rupee strengthened on rising expectations of the U.S. Federal Reserve easing monetary policy cycle.
The Fed rate cut expectations have pushed rupee premiums higher with the 1-year implied forward USD/INR yield hovering near 1.80%.
Fitch Ratings projected India to be the world’s fastest-growing country, with resilient GDP growth of 6.5% during fiscal 2024–25.
SELL USDINR JAN @ 83.35 SL 83.5 TGT 83.2-83.1.
EURINR
Observations
EURINR trading range for the day is 92.37-92.85.
Euro gains boosted by a weaker US Dollar and US yields continue to trend lower Italy economy minister: no rift with EU over euro zone bailout fund
The European Union as a whole, consumer sentiment rose by 1.5 points to -16.0.
SELL EURINR JAN @ 92.6 SL 92.8 TGT 92.4-92.2.
GBPINR
Observations
GBPINR trading range for the day is 106.26-106.84.
GBP advances as investors lean towards expectations of early rate cuts by the Federal Reserve.
High inflation and recession fears in the UK may complicate the idea of BoE remaining a laggard in cutting rates.
The economic calendar is light due to the festive season.
SELL GBPINR JAN @ 106.5 SL 106.8 TGT 106.2-106.
JPYINR
Observations
JPYINR trading range for the day is 59.04-59.66.
JPYINR FEB-JAN 0.3475 SELL JPYINR JAN @ 59.4 SL 59.65 TGT 59.15-58.95.
JPY gains as Japan showed improvement in retail trade.
Retail sales in Japan rose 5.3% year-on-year in November 2023, accelerating for the first time in three months Industrial production in Japan declined by 0.9% month-over-month in November 2023
SELL JPYINR JAN @ 59.4 SL 59.65 TGT 59.15-58.95.
