Buy JPYINR Mar @ 56.1 SL 55.9 TGT 56.3-56.5 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.55-82.93.
Rupee ended stronger aided by dollar sales from large foreign banks.
The US economy added 275K jobs in February 2024, beating forecasts of 200K.
RBI Guv Shaktikanta Das sees India growing close to 8% in FY24
SELL USDINR MAR @ 82.75 SL 82.85 TGT 82.65-82.55.
EURINR
Observations
EURINR trading range for the day is 89.99-90.41.
Euro remained in range as new ECB economic projections are anticipated to indicate lower economic growth.
The European Central Bank maintained its interest rates at historically high levels during its March meeting
Factory orders in Germany shrank 11.3% mom in January 2024
BUY EURINR MAR @ 90 SL 89.8 TGT 90.25-90.5.
GBPINR
Observations
GBPINR trading range for the day is 105.25-105.65.
GBP gains on fiscal support as uncertainty over BoE rate cuts persists.
The UK budget for 2024 was broadly in line with market expectations.
Easing US labor market conditions have built downward pressure on the US Dollar
BUY GBPINR MAR @ 105.4 SL 105.1 TGT 105.75-106.
JPYINR
Observations
JPYINR trading range for the day is 55.71-56.39.
JPY gains amid growing speculation that the Bank of Japan could raise interest rates this month.
The uncertainty about the Fed’s rate-cut path keeps the USD bulls on the defensive.
The market focus remains glued to the release of the crucial US NFP report on Friday.
BUY JPYINR MAR @ 56.1 SL 55.9 TGT 56.3-56.5.
