USDINR trading range for the day is 83.14-83.36 - Kedia Advisory
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Observations
USDINR trading range for the day is 83.14-83.36.
Rupee declined as dollar demand from local oil companies weighed The Reserve Bank of India’s (RBI) monthly bulletin emphasized a strong warning on inflation.
Indian headline retail inflation rate rose 5.55% in November, worse than the market expectation.
SELL USDINR DEC @ 83.3 SL 83.45 TGT 83.15-83.05.
EURINR
Observations
EURINR trading range for the day is 90.93-91.51.
Euro remained in range as traders assess both the economic and the monetary policy outlook.
ECB's de Guindos: too early to talk about interest rate cut ECB’s Villeroy suggested rates may decrease next year, aiming to bring inflation back to 2% by 2025 at the latest.
SELL EURINR DEC @ 91.6 SL 91.85 TGT 91.3-91.1
GBPINR
Observations
GBPINR trading range for the day is 104.9-105.58.
GBP steadied as traders digested the latest snapshot of the UK budget deficit A steady US Dollar and increasing bets over upcoming BoE rate cut weighing.
BoE policymakers may continue favouring a restrictive policy stance until price stability is ensured
SELL GBPINR DEC @ 105.7 SL 106 TGT 105.4-105.2.
JPYINR
Observations
JPYINR trading range for the day is 58.05-58.47.
JPYINR JAN-DEC 0.3625 BUY JPYINR DEC @ 58.2 SL 58 TGT 58.45-58.6. JPY gains amid turnaround in the risk sentiment, along with an upward revision of Japan's growth estimates
BOJ decision to maintain its ultra-dovish stance earlier this week might keep a lid on any further gains for the currency.
Japan's Cabinet Office published its twice-yearly economic outlook and estimated real economic growth rate for fiscal 2023/24 at 1.6%
