Sell GBPINR Feb @ 108.9 SL 109.2 TGT 108.6-108.4 - Kedia Advisory
USDINR
BUY USDINR FEB @ 87.55 SL 87.4 TGT 87.7-87.85.
Observations
USDINR trading range for the day is 86.98-88.42.
Rupee weakened to its all-time low in the wake of U.S. President Donald Trump announcing fresh tariff plans.
The currency managed to pare most of its losses due to strong central bank intervention, exporters' dollar selling and profit-booking.
RBI Malhotra states that India can achieve over 7% growth and should aspire to do so.
EURINR
SELL EURINR FEB @ 90.8 SL 91 TGT 90.5-90.3.
Observations
EURINR trading range for the day is 90.3-91.04.
Euro weakened after President Trump announced new global tariffs on steel and aluminum
German Chancellor Olaf Scholz said the EU could respond "within an hour" if the US imposes tariffs on the bloc.
EU’s Lange noted that the bloc is willing to lower its 10% vehicle import tax closer to the US rate of 2.5% to avoid a trade war.
GBPINR
SELL GBPINR FEB @ 108.9 SL 109.2 TGT 108.6-108.4.
Observations
GBPINR trading range for the day is 108.25-109.59.
GBP dropped after the Bank of England slashed its growth forecast for the year to 0.75%, half its previous estimate.
Governor Andrew Bailey urged investors not to overanalyze policymakers’ shift toward deeper cuts, but markets remained uncertain.
The BoE raised its inflation forecast to 3.7% well above its prior 2.8% estimate
JPYINR
SELL JPYINR FEB @ 58.2 SL 58.4 TGT 58-57.8.
Observations
JPYINR trading range for the day is 57.92-58.2.
JPY gains as investors seem convinced that the BoJ will hike interest rates again this year.
Japan’s service sector dropped to 48.6 in January 2025 from a downwardly revised 49.0 in the previous month.
Japan’s current account surplus increased to JPY 1,077.3 billion in December 2024
