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USDINR

Observations

USDINR trading range for the day is 82.78-83.04.

Rupee closed lower tracking a fall in Asian peers, after U.S. bond yields surged.

India's merchandise trade deficit widened to $18.7 billion in February 2024

India's Wholesale Price Index-based inflation dropped to a four-month low, weaker than expected.

SELL USDINR MAR @ 82.9 SL 83 TGT 82.8-82.7.

EURINR

Observations

EURINR trading range for the day is 89.99-90.61.

Euro dropped as traders continue to assess the monetary policy outlook.

Germany’s wholesale prices decreased by 3% year-on-year in February 2024

Industrial production in the Euro Area plunged by 3.2% month-over-month in January 2024

SELL EURINR MAR @ 90.6 SL 90.8 TGT 90.4-90.2.

GBPINR

Observations

GBPINR trading range for the day is 105.37-105.99.

GBP dropped as investors digested a batch of economic data while anticipating the BoE’s interest rate decision next week.

BoE’s Bailey said central bankers turned to the question of how long they needed to keep rates high as inflation eased.

UK public inflation expectations for five years' time 3.1% vs 3.2% in Nov.

SELL GBPINR MAR @ 106.2 SL 106.5 TGT 105.9-105.7.

JPYINR

Observations

JPYINR trading range for the day is 55.62-56.22.

JPY dipped as traders await the upcoming BoJ monetary policy decision.

Speculation is growing that the central bank may abandon its negative interest rate policy

Japan’s economy is recovering moderately, although weakness has been seen in some data

SELL JPYINR MAR @ 56.25 SL 56.45 TGT 56.05-55.85.