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USDINR

Observations

USDINR trading range for the day is 83.32-83.52.

Rupee falls on aggressive dollar bids by local oil companies, importers and equity-related outflows

Personal spending in the US rose 0.8% month-over-month in February 2024, the biggest gain since January 2023

India current account gap narrows to 1.2% of GDP in Q3 FY24

SELL USDINR APR @ 83.5 SL 83.6 TGT 83.4-83.3.

EURINR

Observations

EURINR trading range for the day is 89.86-90.54.

Euro dipped as investors tempered their expectations for significant interest rate reductions by Fed.

ECB's Piero Cipollone indicated growing confidence within the ECB regarding inflation trends reverting to the 2% target by mid-2025

German retail sales dropped by 1.9% month-over-month in February 2024

SELL EURINR APR @ 90.2 SL 90.4 TGT 90-89.8.

GBPINR

Observation

GBPINR trading range for the day is 104.94-105.62.

GBP dropped as UK economy enters recession in Q4

British economy contracted by 0.2% year-on-year in the fourth quarter of 2023

The current account gap in the UK rose to £21.2 billion, equivalent to 3.1% of GDP, in the fourth quarter of 2023

SELL GBPINR APR @ 105.3 SL 105.6 TGT 105-104.7.

JPYINR

Observations

JPYINR trading range for the day is 55.29-55.57.

JPY steadied as Japanese authorities signaled readiness to intervene in the currency markets.

Bank of Japan policymakers were divided on whether the economy was strong enough to weather an exit from ultra-loose monetary policy

Japan's top currency diplomat Masato Kanda said that he won't rule out any steps to respond to disorderly FX moves

SELL JPYINR APR @ 55.45 SL 55.65 TGT 55.25-55.05.