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USDINR

BUY USDINR MAR @ 93.5 SL 93.3 TGT 93.7-93.9.

Observations

USDINR trading range for the day is 91.96-94.7.

Rupee fell to a record low deepening losses driven by a disruption of global energy supplies amid the war in the Middle East.

Leading European nations and Japan have offered to join efforts to secure safe passage for ships through the Strait of Hormuz.

India's wholesale price inflation reached an 11-month high of 2.13% in February, driven by increased costs of primary goods

EURINR

BUY EURINR MAR @ 108 SL 107.8 TGT 108.3-108.5.

Observations

EURINR trading range for the day is 106.52-109.62.

Euro climbed after the ECB left interest rates unchanged for a sixth straight meeting, keeping the deposit rate at 2% as expected.

Policymakers signaled a cautious approach, saying decisions will continue to be taken meeting by meeting.

The ECB warned that the war in Iran has increased uncertainty, posing upside risks to inflation and downside risks to economic growth.

GBPINR

BUY GBPINR MAR @ 125.35 SL 125.27 TGT 125-124.7.

Observations

GBPINR trading range for the day is 123.85-126.33.

GBP rose after the Bank of England unanimously held rates at 3.75%, adopting a more hawkish tone than anticipated.

Markets had expected a 7-2 vote for steady rates, but policymakers warned that the Middle East conflict’s could push near-term inflation higher.

The latest UK jobs report showed slowing wage growth and unemployment holding at 5.2%, both missing forecasts.

JPYINR

SELL JPYINR MAR @ 59.3 SL 59.6 TGT 59-58.7.

Observations

JPYINR trading range for the day is 58.5-59.74.

JPY strengthened supported by the Bank of Japan’s bias for tighter monetary policy to counter inflationary pressures.

BOJ held its policy rate at 0.75%, though board member Hajime Takata dissented, recommending a 25bps hike to 1% for a second consecutive meeting.

BOJ Governor Kazuo Ueda indicated that a rate increase remains possible if the economic slowdown from the Iran conflict proves temporary and core inflation