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USDINR

Observations

USDINR trading range for the day is 83.09-83.43.

Rupee remained in range on rising expectations of the U.S. Federal Reserve easing monetary policy cycle.

India's April – Nov fiscal deficit at 9.07 trln rupees

RBI’s Das said that India is one of the world’s fastest-growing major economies with a rising potential growth profile.

SELL USDINR JAN @ 83.35 SL 83.5 TGT 83.2-83.1.

EURINR

Observations

EURINR trading range for the day is 91.92-92.36.

Euro dropped after an uptick in 7-year US Treasuries has sparked a pullback into the safe haven USD.

There is no rift between Italy and its European Union partners over the euro zone bailout fund, Economy Minister Giancarlo Giorgetti said

The European Union as a whole, consumer sentiment rose by 1.5 points to -16.0.

SELL EURINR JAN @ 92.25 SL 92.4 TGT 92.05-91.9.

GBPINR

Observations

GBPINR trading range for the day is 105.48-106.5.

GBP dropped as conditions of a technical recession in the UK economy are strengthening

ONS indicated that the economy contracted by 0.1% in the third quarter of 2023.

The BoE is not expecting growth in the final quarter of 2023, which indicates a technical recession is highly likely

SELL GBPINR JAN @ 106 SL 106.25 TGT 105.7-105.5.

JPYINR

Observations

JPYINR trading range for the day is 58.77-59.35.

JPYINR FEB-JAN 0.3375 SELL JPYINR JAN @ 59.15 SL 59.3 TGT 59-58.9.

JPY dropped weighed by the Bank of Japan’s refusal to undo massive stimulus

BOJ Governor Kazuo Ueda recently stated that the likelihood of Japan's economy getting out of the low-inflation environment

Retail sales in Japan rose 5.3% year-on-year in November 2023, accelerating for the first time in three months

SELL JPYINR JAN @ 59.15 SL 59.3 TGT 59-58.9.