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USDINR

Observations

USDINR trading range for the day is 82.81-82.99.

Rupee closed lower pressured by weakness in Asian currencies and dollar purchases by state-run banks.

India's forex reserves jump to over two-year high of $636.1 bn

RBI highlighted "large and repetitive food price shocks" as one of the biggest risks to the ongoing disinflation trend.

SELL USDINR MAR @ 83 SL 83.1 TGT 82.9-82.8.

EURINR

Observations

EURINR trading range for the day is 90.14-90.56.

Euro remained in range with investors preparing for upcoming central bank meetings in major economies.

ECB’s Rehn remarked that the central bank had initiated discussions about rate reductions at the March meeting

ECB indicated preparations for its first interest rate cut after revising down inflation expectations for 2024 and 2025.

SELL EURINR MAR @ 90.45 SL 90.65 TGT 90.25-90.05.

GBPINR

Observation

GBPINR trading range for the day is 105.36-105.78.

GBP steadied as investors await UK inflation and the BoE decision for fresh guidance.

UK public's inflation expectations fall, Bank of England survey shows

The BoE is expected to maintain interest rates unchanged as UK inflation is far from the 2% target.

SELL GBPINR MAR @ 105.8 SL 106 TGT 105.3-105.1.

JPYINR

Observations

JPYINR trading range for the day is 55.6-55.8.

JPY weakened as investors braced for the Bank of Japan’s policy decision this week

BOJ officials have repeatedly stated that it could start normalizing monetary policy if a positive cycle between rising wages and inflation is sustained.

Japan's core machinery orders, fell 1.7% month-on-month to 823.8 billion yen in January 2024

SELL JPYINR MAR @ 55.8 SL 56 TGT 55.6-55.4