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USDINR

Observations

USDINR trading range for the day is 83.3-83.4.

Rupee settled flat as persistent local demand for the U.S. dollar weighed on the unit

All FOMC participants agreed that the Fed was in a position to proceed carefully

The momentum of change in India's GDP is estimated to be higher in October-December due to "ebullient" festive demand - RBI

SELL USDINR NOV @ 83.4 SL 83.55 TGT 83.22-83.1.

EURINR

Observations

EURINR trading range for the day is 91-91.5.

Euro steadied as ECB officials pushed back against expectations for interest rate cuts in early 2024.

Eurozone data recently confirmed a sharp slowdown in year-on-year inflation, reaching a low not seen in over two years in October.

Market expectations reflect an anticipation of over 100 basis points in cuts to US interest rates next year

SELL EURINR NOV @ 91.2 SL 91.4 TGT 91-90.8.

GBPINR

GBPINR trading range for the day is 104.18-104.68.

GBP gains as the prospect of steep rate cuts next year by the Federal Reserve dented the dollar.

UK public sector borrowing rises in October

Money markets show traders believe the Bank of England will cut rates by about 80 basis points over the course of 2024.

SELL GBPINR NOV @ 104.6 SL 104.7 TGT 104.25-104.

JPYINR

Observations

JPYINR trading range for the day is 56.18-56.86.

JPY rose as easing US inflation raised hopes that the Federal Reserve has reached the end of its tightening cycle

Japan’s economy contracted faster than expected in the third quarter amid slowing global demand and rising domestic inflation.

BOJ reaffirmed its commitment to accommodative monetary policies and made only minor adjustments to yield curve controls.

SELL JPYINR NOV @ 56.5 SL 56.7 TGT 56.25-56.1.