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USD/INR:

Observations:

USDINR trading range for the day is 82.99-83.11.

Rupee ended little changed as an uptick in dollar index eroded the local currency's early gains

Annual retail inflation in India eased to 5.1% in January 2024, the lowest in three months

Investors are currently pricing in a 17.5% chance of a rate cut in March and about 63% in May.

SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.92.

EURINR:

Observations:

EURINR trading range for the day is 89.34-89.88.

Euro remained in range as investors cautiously awaited key US inflation data that could guide the interest rate outlook globally

The Fed rate cut uncertainty keeps the USD bulls on the defensive and lends support to the major.

ECB rate cut bets might cap gains for the shared currency ahead of the US CPI report on Tuesday

SELL EURINR FEB @ 89.6 SL 89.8 TGT 89.4-89.2.

GBPINR:

Observations:

GBPINR trading range for the day is 104.57-105.17

GBP steadies as investors grow more convinced by BOE’s determination to keep interest rates where they are for now

The UK employment and inflation data will be the major triggers in the week ahead.

British house prices rose 2.5% in the year to January, the strongest annual growth rate for a year

SELL GBPINR FEB @ 104.9 SL 105.2 TGT 104.6-104.4

JPYINR:

Observations:

JPYINR trading range for the day is 55.76-56

JPY remained in range as investors cautiously awaited US consumer inflation data or clues on the potential trajectory of interest rates.

BoJ’s Uchida said that aggressive tightening is unlikely even after an exit from the negative interest rate policy.

Traders now move to the sidelines and wait for this week’s release of key US inflation figures.

SELL JPYINR FEB @ 55.9 SL 56.1 TGT 55.7-55.5.

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