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USDINR

Observations

USDINR trading range for the day is 82.91-83.33.

Rupee fell weighed down by dollar demand from local oil companies and a jump in U.S. Treasury yields

India Services PMI was revised higher to 61.8 in January 2024

India Composite PMI was revised upward to 61.2 in January 2024

SELL USDINR FEB @ 83.15 SL 83.25 TGT 83.05-82.95.

EURINR

Observations

EURINR trading range for the day is 89.27-89.87.

Euro dropped as stronger-than-expected US economic data and another pushback from Fed further dented sentiment.

Germany's trade surplus increased to EUR 22.2 billion in December 2023, surpassing market forecasts of EUR 18.8 billion

Euro zone inflation dips but core figures may disappoint

SELL EURINR FEB @ 89.6 SL 89.8 TGT 89.4-89.2.

GBPINR

Observations

GBPINR trading range for the day is 104.4-105.16.

GBP lost ground as dollar surged after blockbuster US jobs data.

BoE’s Huw Pill mentioned that the right time for the rate cuts is probably still some time away

Fed Chair Jerome Powell reiterated that the March meeting is too soon to start rate cuts.

SELL GBPINR FEB @ 104.7 SL 105 TGT 104.4-104.2.

JPYINR

Observations

JPYINR trading range for the day is 56.1-56.38.

JPY dropped as a stronger-than-expected US jobs report and another pushback from Fed

The au Jibun Bank Japan Composite PMI was revised upward to 51.5 in January 2024

The au Jibun Bank Japan Services PMI was revised higher to 53.1 in January 2024

SELL JPYINR FEB @ 56.25 SL 56.45 TGT 56.05-55.9.