Sell EURINR Feb @ 91.3 SL 91.5 TGT 91.1-90.9 - Kedia Advisory
USDINR
BUY USDINR FEB @ 86.9 SL 86.75 TGT 87.05-87.15.
Observations
USDINR trading range for the day is 86.65-87.13.
Rupee weakens amid sluggish growth in the Indian economy, continued FIIs outflows, and RBI rate cut dragged the local currency lower.
The merchandise trade deficit in India widened to $23 billion in January 2025
India’s WPI inflation slightly decreased to 2.31% in January from 2.37% in December, softer than the 2.50% expected.
EURINR
SELL EURINR FEB @ 91.3 SL 91.5 TGT 91.1-90.9.
Observations
EURINR trading range for the day is 90.94-91.38.
Euro steadied as investors closely monitored US-led peace talks aimed at resolving the war in Ukraine.
Market participants also assessed the potential impact of US President threat to impose tariffs on European companies.
Euro zone industrial production shrank by more than expected in December
GBPINR
SELL GBPINR FEB @ 109.6 SL 109.9 TGT 109.3-109.
Observations
GBPINR trading range for the day is 109.03-109.83.
GBP gains after UK GDP data sweetened the mood around the strength of the economy.
Britain's economy unexpectedly grew by 0.1% in the final quarter of last year.
Money markets are pricing in 60 basis points of further easing this year from the Bank of England
JPYINR
SELL JPYINR FEB @ 57.7 SL 57.9 TGT 57.5-57.3.
Observations
JPYINR trading range for the day is 57.18-57.84.
JPY strengthened as investors responded to strong economic growth data.
Japan’s economy expanded by 0.7% quarter-on-quarter in the fourth quarter, accelerating from 0.4% growth in the previous quarter.
On an annualized basis, Japan’s GDP grew 2.8% in Q4, in line with expectations and up from 1.7% growth in Q3.
