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USDINR

BUY USDINR FEB @ 87.55 SL 87.4 TGT 87.7-87.85.

Observations

USDINR trading range for the day is 87.35-87.73.

Rupee strengthen as RBI’s decided to cut the policy repo rate by 25bps to 6.25% for the first time in nearly five years.

RBI signalled a less restrictive policy approach, seeking to provide stimulus to a sluggish economy.

RBI Governor reiterated the RBI's long-held position that interventions are only intended to smoothen "excessive and disruptive volatility."

EURINR

SELL EURINR FEB @ 91.1 SL 91.3 TGT 90.9-90.7.

Observations

EURINR trading range for the day is 90.8-91.12.

Euro steadied with investors reacting to the potential economic impact of President Trump's trade tariffs.

In the Eurozone, business activity returned to growth after two months of contraction.

Imports to Germany grew by 2.1% month-over-month to EUR 111.1 billion in December 2024

GBPINR

SELL GBPINR FEB @ 109.1 SL 109.4 TGT 108.8-108.6.

Observations

GBPINR trading range for the day is 108.45-109.69.

GBP seen supported after comments from President Donald Trump fuelled hopes Britain may be able to avoid levies.

Bank of England policymakers speak after rate cut, weaker growth forecast

UK firms trim wage growth expectations, BoE survey shows

JPYINR

BUY JPYINR FEB @ 57.8 SL 57.6 TGT 58-58.2.

Observations

JPYINR trading range for the day is 57.63-58.33.

JPY dropped on worries that Japan would also be an eventual target for US President Trump's trade tariffs.

Data showed a rise in Japan's real wages, which reaffirms bets that the Bank of Japan will raise interest rates again.

Japan’s Kato, said that he sees inflationary conditions as prices continue to rise further.