SELL EURINR MAR @ 107 SL 107.3 TGT 106.7- Kedia Advisory
USDINR
BUY USDINR MAR @ 92 SL 91.85 TGT 92.2-92.35.
Observations
USDINR trading range for the day is 91.78-92.3.
Rupee fell as oil prices remained volatile and local stocks slumped.
India's foreign exchange reserves saw a significant increase of $4.88 billion, reaching a total of $728.5 billion.
India's services sector saw a slight slowdown in February, with new business growth at a 13-month low.
EURINR
SELL EURINR MAR @ 107 SL 107.3 TGT 106.7-106.4.
Observations
EURINR trading range for the day is 106.72-107.46.
Euro dropped as investors continued to assess developments surrounding the conflict with Iran and the implications for inflation and ECB policy.
ECB’s Lagarde said the central bank will do everything necessary to keep inflation under control despite the latest surge in energy prices.
ECB Lagarde noted that Europe is now better positioned to absorb the current energy shock than it was during the 2022 crisis.
GBPINR
SELL GBPINR MAR @ 123.9 SL 124.2 TGT 123.6-123.3.
Observations
GBPINR trading range for the day is 123.45-124.15.
GBP steadied as investors continued to grapple with heightened uncertainty in the Middle East and volatility in global energy markets.
Investors are also looking ahead to upcoming UK economic data, with monthly GDP figures due on Friday.
Morgan Stanley now expect the Bank of England to cut interest rates in the second quarter, delaying earlier forecasts.
JPYINR
SELL JPYINR MAR @ 58.5 SL 58.7 TGT 58.3-58.1.
Observations
JPYINR trading range for the day is 58.47-58.47.
JPY settled flat as heightened uncertainty over the Middle East conflict continued to support the dollar.
Producer prices in Japan rose 2% in February, marking the softest increase in nearly two years.
Japan is highly vulnerable to oil shocks given its reliance on energy imports, but the country stands ready to tap its emergency reserves.
