USDINR trading range for the day is 83.09-83.25 - Kedia Advisory
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USDINR:
Observations:
USDINR trading range for the day is 83.09-83.25.
Rupee little changed due to positive cues from Asian peers and dollar demand from foreign banks
RBI Governor stated that inflation in India is moderating and growth prospects remain robust.
Fed's Waller emphasizes the need for methodical and careful rate cuts
SELL USDINR JAN @ 83.25 SL 83.4 TGT 83.05-82.95.
EURINR:
Observations:
EURINR trading range for the day is 90.43-90.83.
Euro gains as risk sentiment improved, with the US dollar and Treasury yields pulling back
European Central Bank officials maintain hawkish tone at Davos
Euro Area's current account surplus widens sharply in November 2023
BUY EURINR JAN @ 90.4 SL 90.2 TGT 90.65-90.8.
GBPINR
Observations:
GBPINR trading range for the day is 105.24-105.76.
GBP steadied as hopes of an early rate cut by the BoE have waned.
UK Inflation remains stubbornly high due to higher fuel costs and seasonal airfare prices
RICS UK Residential Market Survey house price balance improved in December 2023, highest reading since November 2022
BUY GBPINR JAN @ 105.4 SL 105.1 TGT 105.7-105.9.
JPYINR:
Observations:
JPYINR trading range for the day is 56.19-56.53.
JPY dropped amid expectations that the BoJ will stick to its dovish stance in January
Japan's core machinery orders, fell 4.9% month-on-month in November 2023
Upbeat US macro data further dashed expectations for an imminent shift in the Federal Reserve's policy stance as soon as March
SELL JPYINR JAN @ 56.4 SL 56.6 TGT 56.2-56
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