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USDINR

Observations

USDINR trading range for the day is 83.4-83.74.

Rupee dropped on bets that the Federal Reserve will delay rate cuts.

Recent inflation data indicate the central bank may need more time to feel comfortable lowering interest rates, Fed Chair Powell

The Reserve Bank of India likely intervened via state-run banks to curb the rupee's decline.

BUY USDINR APR @ 83.4 SL 83.3 TGT 83.5-83.6.

EURINR

Observations

EURINR trading range for the day is 88.46-89.28.

Euro dropped as investors remained cautious amid ongoing tensions in the Middle East

Euro zone inflation heading to 2% after 'bumpy' road – ECB's Lane

Markets are pricing in fewer than two rate cuts by the Fed this year

SELL EURINR APR @ 89.1 SL 89.3 TGT 88.9-88.7.

GBPINR

Observation

GBPINR trading range for the day is 103.61-104.43.

GBP dropped as investors digested the latest UK jobs report and the US dollar remained bolstered

The United Kingdom's unemployment rate rose to 4.2% from December 2023 to February 2024

Bets for more aggressive policy easing by the BoE continue to weigh on the GBP.

SELL GBPINR APR @ 104.3 SL 104.6 TGT 104-103.7.

JPYINR

Observations

JPYINR trading range for the day is 54.04-54.26.

JPY dropped as the divergence in monetary policy between Fed and BOJ became more pronounced.

Japan's finance minister says he's watching FX moves closely

Japan's machinery orders rise sharply, may ease concerns about domestic demand

SELL JPYINR APR @ 54.3 SL 54.5 TGT 54.1-54.