BUY JPYINR FEB @ 57.1 SL 56.9 TGT 57.35-57.5 - Kedia Advisory
USDINR
BUY USDINR FEB @ 86.8 SL 86.65 TGT 86.95-87.1
Observations
USDINR trading range for the day is 86.71-87.07.
Rupee logged its biggest weekly rise lifted by the central bank's heavy intervention in the foreign exchange market.
The domestic unit has been under pressure amid India's sluggish economic growth, a recent interest rate cut by the RBI.
India's foreign exchange reserves grew by $7.6 billion to reach $638 billion
EURINR
BUY EURINR FEB @ 90.9 SL 90.7 TGT 91.1-91.3
Observations
EURINR trading range for the day is 90.69-91.31.
Euro climbed after President Trump signed a memorandum to review reciprocal tariffs without immediately imposing new levies.
The Eurozone economy grew by 0.1% in the final quarter of 2024, slightly better.
The number of employed persons in the Euro area rose by 0.1% from the previous quarter to 171.17 million
GBPINR
BUY GBPINR FEB @ 109.1 SL 108.8 TGT 109.4-109.6
Observations
GBPINR trading range for the day is 108.82-109.62.
GBP rose after US President Trump suggested that his planned reciprocal tariffs might not take effect until April.
UK GDP data showed a 0.1% growth in Q4 2024, defying expectations of a contraction and surpassing the BOE's forecast.
Bank of England recently cut rates by 25bps to 4.5%, marking its third rate cut since August 2024
JPYINR
BUY JPYINR FEB @ 57.1 SL 56.9 TGT 57.35-57.5.
Observations
JPYINR trading range for the day is 57.13-57.33.
JPY gains underpinned by a sharp retreat in dollar as US President Trump refrained from enacting reciprocal tariffs immediately.
Japan’s Economy Minister, Ryosei Akazawa, stated that Japan would respond appropriately to any US reciprocal tariffs.
Producer prices in Japan increased by 4.2% yoy in January 2025.
