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USDINR

Observations

USDINR trading range for the day is 83.25-83.63.

Rupee weakened as the greenback extended recent gains and rose to its highest level in nearly five months.

Moody’s, retained India’s rating, maintaining a stable outlook and projecting over 6% growth over the next two fiscal years

Indian economy will likely grow 7% in FY25 growth compared with 6.7% projected earlier - ADB

BUY USDINR APR @ 83.45 SL 83.35 TGT 83.6-83.7.

EURINR

Observations

EURINR trading range for the day is 88.48-90.08.

Euro dropped after the ECB left interest rates steady and signalled it is ready to cut the interest rates.

Retail sales in the Euro Area declined by 0.5% month-over-month in February 2024

Money markets are pricing in 18 basis points of easing for ECB’s June meeting and 73 basis points by year-end.

BUY EURINR APR @ 89 SL 88.8 TGT 89.2-89.4.

GBPINR

Observation

GBPINR trading range for the day is 103.25-105.97.

GBP dropped as investors absorbed remarks by a BOE official and evaluated the global monetary policy outlook.

The British economy grew 0.1% month on month in February 2024

BoE’s Greene said the rate cuts in the UK should remain "a way off" amid the persistence of inflation pressure.

BUY GBPINR APR @ 104 SL 103.7 TGT 104.3-104.5.

JPYINR

Observations

JPYINR trading range for the day is 54.41-54.81.

JPY dropped as strong US economic data dampened hopes for multiple interest rate cuts from Fed this year.

Japan's finance minister says authorities are looking at factors behind yen moves

Industrial production in Japan declined by 0.6% month-over-month in February 2024

BUY JPYINR APR @ 54.45 SL 54.25 TGT 54.65-54.85.