SELL JPYINR MAR @ 56.6 SL 56.8 TGT 56.4-56.2 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.61-82.87.
Rupee rose on the back of dollar inflows, but its rally was run into by likely intervention from the central bank.
The Indian central bank did not roll over and took delivery of the $5 billion dollar/rupee swap that matured on Monday
India's foreign exchange reserves are up by of $6.55 billion to $625.63 billion
SELL USDINR MAR @ 82.8 SL 82.9 TGT 82.7-82.6
EURINR
Observation
EURINR trading range for the day is 90.34-90.72.
Euro gains supported by broad dollar weakness after the US jobs data
ECB maintained borrowing costs at record highs, citing significant progress in curbing inflation
ECB’s Lagarde hinted at the beginning of discussions regarding the relaxation of the bank's restrictive stance.
SELL EURINR MAR @ 90.6 SL 90.8 TGT 90.4-90.2.
GBPINR
Observation
GBPINR trading range for the day is 106.06-106.42.
GBP rose buoyed by broad dollar weakness and optimistic forecasts for the UK economy.
UK’s Hunt revealed that the latest OBR forecasts anticipate a quicker decline in inflation and stronger
GDP growth for both 2024 and 2025. BOE is expected to delay its first rate cut until August.
SELL GBPINR MAR @ 106.4 SL 106.7 TGT 106.1-105.9
JPYINR
Observation
JPYINR trading range for the day is 56.18-56.86.
JPY gains as final data showed that Japan’s economy returned to growth in Q4.
The country’s GDP expanded 0.4% and 0.1% year-on-year and quarter-on-quarter, respectively.
BOJ could start raising interest rates soon, with some traders wagering on a March rate hike.
SELL JPYINR MAR @ 56.6 SL 56.8 TGT 56.4-56.2.
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