>> BUY USDINR ABV 71.70 SL BELOW 71.56 TGT 71.85-71.96. (BTST)
Indian Rupee appreciated by 0.43 percent as dollar index remained flat during the day on account of easing trade war worries and rise in domestic equity markets. Meanwhile, CPI from India came in 2.33 percent for Nov’18 against market expectations of 2.8 percent. IIP for Oct’18 came in at 8.1 percent against market expectations of 5.7 percent.
The Asian giant seems willing to make concessions to the US by replacing its industrial policy. The so-called Made in China 2025, a plan to make China a leader in high-tech industries, is being revised to be more open to participation by foreign companies. Also, in the recent dialogue between US and China Donald Trump was happy with the process of trade talks and said big news is likely to be awaited by the market in the coming days. China announced it´s considering reducing tariffs on American cars from 40% to 15%. US PPI came in at 0.1 percent for Nov ’18 against market expectations of 0 percent. US CPI came in line with market expectation at 0 percent for Nov’18.
* SELL EURINR DEC 2018 @ 81.60 SL 81.85 TGT 81.45-81.30. NSE
EURUSD depreciated by 0.06 percent yesterday while EURINR appreciated by 0.39 percent during the same time frame. Italian PM Conte presented the budget in front of the European Union with a target deficit of 2.04 percent. Also, ECB in its latest monetary policy meeting yesterday will end the QE program by the end of Dec’18. The ECB also said it would continue to reinvest cash from maturing bonds for an extended period of time.
* BUY GBPINR DEC 2018 @ 90.75 SL 90.50 TGT 91.10-91.40. NSE
GBP appreciated against the US dollar by 0.21 percent yesterday while GBPINR appreciated by 0.21 percent. UK PM May’s leadership came again under scrutiny after she decided to pull out the Brexit deal from the Parliament and rush back to Brussels, trying to get a deal that has chances to pass the Commons. Meanwhile, sterling got hammered on news article that Mrs May had to face no confidence vote from Tory MP’s. Later some MP’s voiced their support in for the PM.
GBPINR is expected to appreciate in today’s session.
* SELL JPYINR DEC 2018 @ 63.35 SL 63.55 TGT 63.16-63.02. NSEAFTER POST CONTENT
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