Sell JPYINR Apr @ 55.45 SL 55.65 TGT 55.25-55.05 - Kedia Advisory
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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.
