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USDINR

Observations

USDINR trading range for the day is 83.07-83.27.

Rupee ended little changed after dollar demand from state-run banks ate into early gains

RBI's intervention in foreign exchange markets to support rupee

Indian GDP grew by 7.3% in 2023-24 fiscal year, higher than expected

SELL USDINR JAN @ 83.25 SL 83.4 TGT 83.1-83.

EURINR

Observations

EURINR trading range for the day is 90.84-91.32.

Euro steadied as investors kept an eye on upcoming US inflation data due Thursday

Euro zone services activity could weaken further in the coming quarters due to rising interest rates

Investor morale in the euro zone improved for the third consecutive month in January to its highest level since May

SELL EURINR JAN @ 91.2 SL 91.4 TGT 91-90.8.

GBPINR

Observations

GBPINR trading range for the day is 105.56-106.16.

GBP steadied as investors digested a set of economic data and its potential implications for global monetary policies.

The BoE’s former member said the BOE will not be in a position to begin cutting rates in 2024.

Fed’s Bostic said inflation in the US has declined further than he had anticipated.

SELL GBPINR JAN @ 106 SL 106.3 TGT 105.7-105.5.

JPYINR

Observations

JPYINR trading range for the day is 57.7-58.28.

JPYINR FEB-JAN 0.3325 SELL JPYINR JAN @ 57.95 SL 58.15 TGT 57.75-57.55.

JPY remained in range amid bets for delay in BoJ's plan for a pivot.

Tokyo inflation report lifts expectations for an eventual hawkish BoJ pivot and boosts the JPY.

Elevated US bond yields underpin the USD and help limit the downside for the USD/JPY pair.

SELL JPYINR JAN @ 57.95 SL 58.15 TGT 57.75-57.55.