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USD/INR:

Observations:

USDINR trading range for the day is 83.01-83.09.

Rupee closed unchanged as traders awaited the release of U.S. inflation data

The inflation rate in the US declined to 3.1% year-on-year in January from 3.4% in December

Industrial production in India rose 3.8% year-on-year in December 2023, up from 2.4% in the previous month

BUY USDINR FEB @ 83 SL 82.9 TGT 83.12-83.22.

EURINR:

Observations:

EURINR trading range for the day is 89.35-89.71.

Euro steadied as investors scaled back their expectations of early cuts by the ECB following cautious remarks

The ZEW Indicator of Economic Sentiment for the Euro Area increased by 2.3 points to 25 in February 2024

The ZEW Indicator of Economic Sentiment for Germany rose for a seventh consecutive month to +19.9 in February 2024

SELL EURINR FEB @ 89.5 SL 89.7 TGT 89.25-89.1.

GBPINR:

Observations:

GBPINR trading range for the day is 104.53-105.59.

GBP gains as markets continued to assess the latest macroeconomic data for hints on the BoE’s policy outlook.

Wage growth in the UK slowed less than expected in the end of 2023

The United Kingdom's unemployment rate declined to 3.8% in the fourth quarter of 2023, down from 4.0% in the three months

SELL GBPINR FEB @ 105.2 SL 105.5 TGT 104.9-104.7

JPYINR:

Observations:

JPYINR trading range for the day is 55.61-55.81.

JPY dropped as investors pared back expectations on the scale and pace of Fed’s easing cycle this year.

Pressure also seen from signs that BOJ will resist aggressively hiking rates even if it decides to abandon its negative rate policy.

Japan’s machine tool orders dropped 14.1% year-on-year to JPY 110,881 million in January 2024

SELL JPYINR FEB @ 55.7 SL 55.9 TGT 55.45-55.25.

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