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USDINR

BUY USDINR FEB @ 87.2 SL 87.05 TGT 87.35-87.45.

Observations

USDINR trading range for the day is 87.11-87.37.

Rupee steadied as concerns over an escalating U.S.-China trade war kept investors on edge.

All eyes were on RBI’s upcoming monetary policy meeting, where policymakers are expected to address inflation risks.

Fitch Ratings highlights India's gradual pace of debt reduction, leaving its sovereign rating vulnerable to shocks.

EURINR

BUY EURINR FEB @ 90.1 SL 89.8 TGT 90.4-90.6.

Observations

EURINR trading range for the day is 89.59-90.67.

Euro gained after US President Trump agreed to “immediately pause” planned tariffs on Mexico and Canada for a month

The euro zone's beleaguered manufacturing industry showed some signs of stabilisation at the start of the year.

Euro zone inflation accelerated but remained on an anticipated course that could let the ECB cut interest rates further.

GBPINR

BUY GBPINR FEB @ 108.25 SL 107.9 TGT 108.65-108.85.

Observations

GBPINR trading range for the day is 107.67-108.83.

GBP rose following President Trump’s agreement with Mexico’s President Sheinbaum to pause tariffs for a month.

Expectations for BoE rate cuts have increased, with markets now pricing a 95% chance of a 25bps cut to 4.5% on Thursday.

The S&P Global Flash UK Manufacturing PMI increased to 48.2 in January 2025 from 47 in December 2024

JPYINR

BUY JPYINR FEB @ 57 SL 56.8 TGT 57.3-57.6.

Observations

JPYINR trading range for the day is 56.8-57.1.

JPY struggled as the suspension of U.S. tariffs on Mexico and Canada reduced demand for the safe-haven currency.

BOJ aims to achieve 2% inflation as measured by overall CPI, governor Ueda says

Investors are focusing on of wage figures, which could impact the outlook for the Bank of Japan's monetary policy.