BUY JPYINR MAR @ 54.9 SL 54.7 TGT 55.2-55.4 - Kedia Advisory
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USDINR
USDINR trading range for the day is 83-83.22
Rupee closed little changed as local dollar demand ate into the currency's early gains
RBI has projected GDP growth for the next financial year at 7%.
Indian HSBC Manufacturing PMI improved to 59.2 vs. 56.9 prior.
SELL USDINR MAR @ 83.2 SL 83.3 TGT 83.1-83.
EURINR
EURINR trading range for the day is 90.33-91.13.
Euro rose after the Federal Reserve kept the outlook for interest rate cuts in 2024 unchanged.
ECB cannot commit to a pre-set number of interest rate cuts even after it starts reducing borrowing costs as the pace of cuts will depend on incoming data.
ECB’s Guindos, cautioned against premature action, stating that a wait-and-see approach is warranted due to persistently high service inflation.
GBPINR
GBPINR trading range for the day is 105.46-106.62.
GBP gains as UK Manufacturing PMI rose to 49.9 in March of 2024 from 47.5 in the previous month
BOE kept interest rates unchanged and Governor Bailey said Britain's economy is "moving in the right direction"
The S&P Global UK Services PMI was revised lower to 53.4 in March 2024, down from February's reading of 53.8.
JPYINR
JPYINR trading range for the day is 54.8-55.44.
JPY rose as the dollar weakened after the Fed reiterated expectations for three interest rate cuts this year.
JPY also found support on bets that BOJ could raise rates further in the coming months amid an improving economic outlook.
BOJ Governor Ueda vowed to keep supporting the economy with ultra-loose monetary policy but signalled confidence inflation was gaining momentum.
BUY JPYINR MAR @ 54.9 SL 54.7 TGT 55.2-55.4.
