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USD/INR:

Observations:

USDINR trading range for the day is 83-83.2

Rupee ended slightly lower as US hotter-than-expected inflation data raised expectations that Fed will likely not cut rates until June

India’s wholesale prices rose by 0.27% year-on-year in January 2023

USD/INR 1-year forward implied drops to 1.75%, lowest since the first week of January

SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.9.

EURINR:

Observations:

EURINR trading range for the day is 88.75-89.41

Euro received downward pressure after better-than-expected CPI data.

US Dollar rose on the diminished possibility of a Fed interest rate cut in the March meeting

Traders factor in the possibility of a rate cut by the Federal Reserve in June.

BUY EURINR FEB @ 88.9 SL 88.7 TGT 89.1-89.3.

GBPINR:

Observations:

GBPINR trading range for the day is 103.59-105.49.

GBP dropped after data showed UK inflation did not accelerate in January as expected

UK’s inflation rate was unchanged at 4.0% in January 2024, holding close to November's two-year low

Factory gate prices of goods produced by UK manufacturers dropped 0.6% year-on-year in January 2024

BUY GBPINR FEB @ 104.1 SL 103.8 TGT 104.4-104.6.

JPYINR:

Observations:

JPYINR trading range for the day is 55.17-55.57.

JPY dropped as dollar rose after data showed U.S. inflation rose more than expected in January

Japan's top currency officials warned against what they described as rapid and speculative yen moves

Japan's service sector fell to 50.2 in January 2024 from an upwardly revised 51.8 in the previous month

BUY JPYINR FEB @ 55.2 SL 55 TGT 55.4-55.6.

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