Sell GBPINR Mar @ 112.85 SL 113.1 TGT 112.5-112.2 - Kedia Advisory
USDINR
SELL USDINR MAR @ 87 SL 87.15 TGT 86.8-86.7.
Observations
USDINR trading range for the day is 86.67-87.19.
Rupee strengthened helped by dollar sales by exporters and foreign banks, coupled with a broadly softer greenback.
India's merchandise trade deficit eased to $14.05 billion in February, data showed.
India's wholesale inflation in February rose to 2.38% year-on-year, from 2.31% in January
EURINR
SELL EURINR MAR @ 95 SL 95.3 TGT 94.7-94.5.
Observations
EURINR trading range for the day is 94.36-95.1.
Euro steadied as traders awaited further updates on Germany’s fiscal stimulus.
Germany agreed on a fiscal deal that could boost defense spending and revive growth in Europe’s largest economy.
Investors are closely monitoring developments in the ongoing trade war and the situation in Ukraine.
GBPINR
SELL GBPINR MAR @ 112.85 SL 113.1 TGT 112.5-112.2.
Observations
GBPINR trading range for the day is 112.04-113.04.
GBP edged lower after fresh data revealed that the UK economy unexpectedly contracted by 0.1% in January
The Bank of England downgraded its first-quarter growth forecast to 0.1%, down from the 0.4% projected in November.
Investors now turn their attention to the BoE’s monetary policy decision, where interest rates are expected to remain steady at 4.5%.
JPYINR
SELL JPYINR MAR @ 58.4 SL 58.6 TGT 58.2-58.
Observations
JPYINR trading range for the day is 58.01-58.91.
JPY dropped on profit booking after seen supported amid expectations that BOJ will continue raising interest rates.
Japanese firms agreed to significant wage hikes for a third consecutive year, aiming to help workers cope with inflation and address labor shortages.
Japan's output gap in the October-December quarter turned positive for the first time in six quarters.
