Daily FX Trends - Mecklai Financial

Daily FX Trends - Commentaries

	USD/INR	EURO/USD	GBP/USD	USD/JPY	USD/CHF
Macro Support-Resistance Levels	89.50-93.00	1.1550-1.2250	1.3200-1.4000	142.00-161.00	0.7600-0.8300
Sentiment against USD	Negative	Negative	Negative	Positive	Positive
Forecast for the day	90.00-90.45	1.1740-1.1830	1.3485-1.3610	156.25-157.35	0.7755-0.7790

Spot rupee ended at 90.66/67 to a dollar level after opening at 90.27/28 level. The rupee weakened today following dollar demand from importers. Equity market benchmarks ended about 0.3 higher today.
The RBI today maintained its key repo rate at 5.25 in its meeting today in line with forecasts. On the economic outlook, the RBI raised its GDP growth forecast for FY2025/26 to 7.4, up from its earlier estimate of 7.3. GDP growth for H1 of FY27 was also revised upward, with growth projected at 6.9 in Q1 and 7.0 in Q2. Meanwhile, inflation for FY2025/26 is projected at 2.1. The RBI also kept the SDF rate at 5.0 and the MSF rate at 5.50.
DXY is trading higher at 97.81 level. From Germany, Ind. Output declined 1.9 m/m in December compared to market expectations of 0.2 m/m drop. On an annual basis Ind. Output dropped 0.6. For Spain, Ind output fell by 0.3 y/y, m/m
Important data releases scheduled today: US: Prelim UoM Consumer sentiment; Inflation expectations;

Rupee opened higher at 90.28 levels, supported by improved risk sentiment and favorable early trading dynamics. The firmer opening underscores renewed investor confidence, further setting a constructive tone for the session ahead. Equity market benchmarks are trading about 0.1 lower today. Markets await the RBI MPC meeting outcome today.

DXY is trading at 97.85 level. DXY is trading higher as doubts over Fed rate cuts grew following comments from Fed President Bostic citing stubborn inflation figures.

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