BUY USDINR MAR @ 93.7 SL 93.5 TGT 93.9-94.05 - Kedia Advisory
USDINR
BUY USDINR MAR @ 93.7 SL 93.5 TGT 93.9-94.05.
Observations
USDINR trading range for the day is 93.34-94.12.
Rupee weakened, extending its decline after touching historic lows, as sustained outflows continued to pressure the currency.
The HSBC India Manufacturing PMI fell to 53.8 in March 2026 from 56.9 in February, exceeding expectations for a slight easing to 56.8.
The HSBC India Services PMI fell to 57.2 in March 2026 from 58.1 in February, signaling a slower yet still solid expansion in the services sector.
EURINR
SELL EURINR MAR @ 109.4 SL 109.7 TGT 109.1-108.8.
Observations
EURINR trading range for the day is 108.11-110.15.
Euro gains as supported by optimism that the conflict with Iran could de-escalate, following reports of ongoing communication.
Germany's S&P Global Manufacturing PMI climbed to 51.7 in March 2026, up from 50.9 in February and exceeding market expectations of 49.5.
The S&P Global France Manufacturing PMI inched up to 50.2 in March 2026 from 50.1 in February.
GBPINR
SELL GBPINR MAR @ 126.3 SL 126.6 TGT 126-125.7.
Observations
GBPINR trading range for the day is 124.03-129.33.
GBP rose after President Trump delayed US strikes on Iran for five days, citing "very good and productive" negotiations with Tehran.
The S&P Global UK Manufacturing PMI eased to 51.4 in March 2026 from 51.7 in February.
The S&P Global UK Services PMI fell to 51.2 in March of 2026 from 53.9 in the previous month.
JPYINR
SELL JPYINR MAR @ 59.25 SL 59.5 TGT 59-58.75.
Observations
JPYINR trading range for the day is 59.04-59.14.
JPY gains on short covering after pressure seen as oil prices recovered some of Monday’s losses, keeping pressure on Japan’s oil-importing economy.
Japan’s core consumer price index, which excludes fresh food but includes energy, rose 1.6% year-on-year in February 2026.
Japan’s annual inflation eased to 1.3% in February 2026 from 1.5% in the prior month, the lowest since March 2022.
