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USDINR

Observation

USDINR trading range for the day is 82.93-82.99.

Rupee ended flat as dollar demand from domestic oil companies eroded room for gains on the back of sustained inflows.

India to grow 6.5% in FY25, down from 6.9% this fiscal: Ind-Ra

Investors are currently pricing in a 17% chance of a cut at the Fed's policy meeting in May, down from about 34.5% a week ago

SELL USDINR MAR @ 83 SL 83.1 TGT 82.9-82.8

EURINR

Observations

EURINR trading range for the day is 89.92-90.28.

Euro traded in range tracking weakness in global markets amid a lack of fresh catalysts.

GfK Consumer Climate Indicator for Germany rose to -29.0 heading into March 2024 from February's 11-month low of 29.6

Euro zone firms may be absorbing wage increases: ECB’s Lagarde

SELL EURINR MAR @ 90.1 SL 90.3 TGT 89.9-89.7

GBPINR

GBPINR trading range for the day is 105.02-105.38.

GBP remained in range as investors took a breather from a spate of influential economic data.

Bank of England's Bailey sees signs of UK economy upturn

The futures market shows traders widely expect the BOE to cut rates in August, with a slim chance of a cut in June.

SELL GBPINR MAR @ 105.4 SL 105.7 TGT 105.1-104.9

JPYINR

Observations

JPYINR trading range for the day is 55.34-55.64.

JPY steadied following the release of warmer consumer inflation figures from Japan.

The annual inflation rate in Japan dropped to 2.2% in January 2024 from 2.6% in the prior month

The core consumer price index in Japan, rose 2% in January 2024, slowing from a 2.3% gain in December

SELL JPYINR MAR @ 55.25 SL 55.45 TGT 55.05-54.9.