Sell JPYINR Jan @ 56.1 SL 56.3 TGT 55.9-55.7 - Kedia Advisory
USDINR
BUY USDINR JAN @ 86.55 SL 86.45 TGT 86.65-86.75.
Observations
USDINR trading range for the day is 86.36-86.7.
USDINR gains amid anticipation of RBI rate cuts and liquidity concerns
Tight liquidity conditions stemmed by the RBI’s aggressive interventions on the foreign exchange market.
India's federal budget announcement, due on Feb. 1, will also be eyed for measures to stimulate growth.
EURINR
BUY EURINR JAN @ 90.2 SL 90 TGT 90.4-90.6.
Observations
EURINR trading range for the day is 90.06-90.62.
EURINR declines amid ECB rate cut expectations and weaker eurozone data
Bets for a move aggressive policy easing by the ECB contribute to the decline.
Eurozone Services PMI edged down to 51.4 in January 2025, from 51.6 in December
GBPINR
BUY GBPINR JAN @ 107.5 SL 107.3 TGT 107.8-108.
Observations
GBPINR trading range for the day is 107.37-107.91.
GBPINR declines amid profit booking and focus on central bank policies
UK economy showed resilience in January, with both services and manufacturing PMIs exceeding forecasts.
UK shop prices fall less quickly as retailers eye cost pressures, BRC says
JPYINR
SELL JPYINR JAN @ 56.1 SL 56.3 TGT 55.9-55.7.
Observations
JPYINR trading range for the day is 55.28-56.36.
JPYINR drops as dollar rebounds amid US tariff threats
BOJ raised interest rates by 25 basis points to 0.5%, marking the highest short-term borrowing costs in 16 years.
The central bank also forecast that inflation will hit its 2% target in the second half of its forecast period
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