Sell USDINR Jan @ 86.75 SL 86.9 TGT 86.6-86.5 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 86.37-86.83.
Rupee weakened as dollar demand from foreign banks and importers outweighed the impact of softer U.S. bond yields
Dollar-rupee forward premiums dip after India central bank's liquidity infusion
Bank of America expects the rupee to weaken to 88 by mid-2025 while Barclays sees it declining to 89.50 by the end of the year.
SELL USDINR JAN @ 86.75 SL 86.9 TGT 86.6-86.5.
EURINR
Observations
EURINR trading range for the day is 88.92-89.32.
Euro steadied buoyed by cooling US inflation, continued to support risk-on sentiment.
ECB's Centeno sees interest rates falling to about 2% as inflation under control
Germany's annual inflation rate was confirmed at 2.6% in December 2024, the third consecutive month of acceleration.
SELL EURINR JAN @ 89.25 SL 89.45 TGT 89.05-88.85.
GBPINR
Observations
GBPINR trading range for the day is 105.48-106.
GBP settled flay as traders assessed key economic data.
GDP figures showed the economy expanded a meagre 0.1% in November, below forecasts of 0.2%.
The economy will remain stagnant for the second consecutive quarter unless GDP grows by at least 0.07% in December.
BUY GBPINR JAN @ 105.6 SL 105.3 TGT 105.9-106.1.
JPYINR
Observations
JPYINR trading range for the day is 55.33-56.21.
JPY strengthened following hawkish comments from Bank of Japan Governor Kazuo Ueda.
Ueda stated that the BOJ would discuss the possibility of raising interest rates, signaling the central bank’s readiness to tighten borrowing costs.
Japan’s Finance Minister Katsunobu Kato reiterated that the government would take "appropriate action" to support the yen.
BUY JPYINR JAN @ 55.6 SL 55.4 TGT 55.85-56.
