Sell JPYINR Feb @ 56.8 SL 57 TGT 56.6-56.4 - Kedia Advisory
USDINR
BUY USDINR FEB @ 86.75 SL 86.65 TGT 86.85-86.95.
Observations
USDINR trading range for the day is 86.66-86.86.
Rupee declined marginally as state-run banks' intermittent dollar sales capped pressure.
The Federal Reserve kept the fed funds rate steady at the 4.25%-4.5% range during its January 2025 meeting
India's business growth slowed to a 14-month low in January
EURINR
SELL EURINR FEB @ 90.4 SL 90.6 TGT 90.2-90.
Observations
EURINR trading range for the day is 90.05-90.69.
Euro remained in range as consumer confidence in the Euro Area rose
ECB lowered its key interest rates by 25 bps in January 2025, as expected, reducing the deposit facility rate to 2.75%
The Eurozone economy unexpectedly stalled in Q4 2024, marking its weakest performance of the year
GBPINR
SELL GBPINR FEB @ 108 SL 108.3 TGT 107.7-107.4.
Observations
GBPINR trading range for the day is 107.6-108.14.
GBP gains with traders digesting key monetary policy decisions and assessing the economic outlook for the UK.
Net mortgage borrowing by individuals in the United Kingdom rose by £1.0 billion to £3.6 billion in December
Investors expect the Bank of England to cut interest rates by 25 basis points next Thursday to 4.75%.
JPYINR
SELL JPYINR FEB @ 56.8 SL 57 TGT 56.6-56.4.
Observations
JPYINR trading range for the day is 56.3-56.88.
JPY gains amid bets on more BoJ rate hikes.
BOJ members discussed how to use estimates on the economy's neutral interest rate to determine further hikes in borrowing costs.
The BOJ raised its policy rate and upgraded its inflation forecasts at the January meeting, signaling potential further rate hikes.
