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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.