SELL JPYINR FEB @ 57.55 SL 57.75 TGT 57.35-57.2 - Kedia Advisory
USDINR
SELL USDINR FEB @ 87.05 SL 87.2 TGT 86.9-86.8.
Observations
USDINR trading range for the day is 86.04-88.02.
Rupee rallied on the back of strong intervention by the Reserve Bank of India.
The RBI likely sold between $4 billion and $7 billion to shore up the currency to help it hold above the 88 handle.
President Donald Trump signed an executive order imposing 25% tariffs on steel and aluminum imports "without exceptions or exemptions.
EURINR
BUY EURINR FEB @ 89.6 SL 89.4 TGT 89.9-90.1.
Observations
EURINR trading range for the day is 89.12-90.56.
Euro dropped as US enacted 25% tariffs on steel and aluminum imports "without exceptions or exemptions"
German Chancellor Olaf Scholz said the EU could respond "within an hour" if the US imposes tariffs on the bloc.
EU’s Lange noted that the bloc is willing to lower its 10% vehicle import tax closer to the US rate of 2.5% to avoid a trade war.
GBPINR
BUY GBPINR FEB @ 107.4 SL 107.1 TGT 107.7-108
Observations
GBPINR trading range for the day is 106.54-108.82.
GBP depreciated as Trump expanded tariffs and nullified previous trade agreements with key US allies.
President Trump raised import duty on steel and aluminum imports to a flat 25% without exceptions or exemptions.
BoE’s Mann stated that UK businesses may face difficulties in raising prices this year due to job losses.
JPYINR
SELL JPYINR FEB @ 57.55 SL 57.75 TGT 57.35-57.2.
Observations
JPYINR trading range for the day is 57.02-58.2.
JPY dropped weighed down by the dollar’s strength following the latest US tariffs.
Japan’s service sector dropped to 48.6 in January 2025 from a downwardly revised 49.0 in the previous month.
Japan’s current account surplus increased to JPY 1,077.3 billion in December 2024
