BUY USDINR Mar @ 87.45 SL 87.35 TGT 87.58-87.7 - Kedia Advisory
USDINR
BUY USDINR MAR @ 87.45 SL 87.35 TGT 87.58-87.7.
Observations
USDINR trading range for the day is 87.3-87.64.
Rupee steadied ahead of flow regarding U.S. tariffs and economic data, and the local central bank's reaction.
The HSBC India Manufacturing PMI fell to 56.3 in February 2025, below initial estimates of 57.1 and January’s 57.7.
The Indian GDP is expected to grow 6.5% in the 2024/2025 fiscal year ending March 2025
EURINR
BUY EURINR MAR @ 91.4 SL 91.2 TGT 91.6-91.8
Observations
EURINR trading range for the day is 90.97-91.69.
Euro rose as Europe took center stage in a renewed diplomatic push for peace in Ukraine.
Investors are closely watching this week's European Central Bank policy meeting, with expectations of a 25 bps rate cut.
The Eurozone's median inflation expectations for the next 12 months fell to 2.6% in January 2025
GBPINR
BUY GBPINR MAR @ 110.5 SL 110.2 TGT 110.8-111.
Observations
GBPINR trading range for the day is 109.98-110.96.
GBP gained as US dollar index fell as concerns about the US economy grew
UK retail sales exceeded all expectations, including and excluding fuel.
The ONS reported a UK budget surplus of £15.4 billion in January, falling short of the £20.3 billion estimate.
JPYINR
BUY JPYINR MAR @ 58.4 SL 58.2 TGT 58.6-58.8.
Observations
JPYINR trading range for the day is 58.35-58.61.
JPY settled flat as the US dollar lost fueled by renewed optimism over a potential resolution to the Ukraine war.
The greenback also softened after US Commerce Secretary Howard Lutnick indicated that tariffs on Mexico and Canada are still “fluid”.
The Au Jibun Bank Japan Manufacturing PMI stood at 49.0 in February 2025, slightly above flash figures of 48.9.
