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* USDINR trading range for the day is 71.09-71.76.
* Rupee dropped on dollar demand to meet likely foreign investor outflows from local stocks
*The International Monetary Fund (IMF) projected India to grow at 7.5% in 2019 amidst slowdown in the world economy.
*# IMF projected that India will grow at 7.5% in 2019 and 7.7% in 2020 stating that the country will be one of the fastest growing economy in the world.
* RBI Reference Rate for USDINR was at 71.3761.
* BUY USDINR 29 JAN 2019 @ 71.18 SL 71.00 TGT 71.38-71.64. NSE
* EURINR trading range for the day is 80.92-81.46.
* Euro traded in range as dollar held near highs as investors sought the relative safety of the U.S. currency after IMF cut its forecasts for the world economy in 2019 and 2020.
* Euro zone banks expect to tighten credit standards for business and housing loans in the first quarter and experience a moderation in loan demand.
* The European Commission would not comment on the lower 2019 economic growth forecast for Italy issued by the International Monetary Fund.
* RBI Reference Rate for EURINR was at 81.0438.
*SELL EURINR 29 JAN 2019 @ 81.05 SL 81.30 TGT 80.85-80.70. NSE
* GBPINR trading range for the day is 91.45-92.79.
* GBP gained after British PM Theresa May promised to be more open with parliament in negotiating the country’s future relationship with the European Union.
* UK PM May does not rule out customs union but does not back it fully either
* My focus continues to be on what is needed to secure the support of Parliament for a deal with the EU: PM May
* RBI Reference Rate for GBPINR was at 91.8963.
* BUY GBPINR 29 JAN 2019 @ 91.85 SL 91.50 TGT 92.20-92.60. NSE
* JPYINR trading range for the day is 64.93-65.62.
* JPY remained firm as the Bank of Japan is widely expected to keep its policy unchanged at its upcoming meeting later in the week.
* Japanese Finance Minister Taro Aso: Market volatility high since late last year
* BoJ's Kuroda: Trade friction is the biggest risk now, BOJ will take appropriate policy as needed
* RBI Reference Rate for JPYINR was at 65.23.
* SELL JPYINR 29 JAN 2019 @ 65.05 SL 65.25 TGT 64.85-64.70. NSE
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