Sell JPYINR Mar @ 59.15 SL 59.35 TGT 58.9-58.7 - Kedia Advisory
USDINR
BUY USDINR MAR @ 87.15 SL 87 TGT 87.3-87.4.
Observations
USDINR trading range for the day is 86.84-87.44.
Rupee weakened pressured by dollar demand by importers
India central bank announces over $21 billion liquidity infusion to support growth
A string of economic data, including private payrolls, pointed towards a cooling of the U.S. economy
EURINR
SELL EURINR MAR @ 94.25 SL 94.5 TGT 94-93.75.
Observations
EURINR trading range for the day is 93.17-94.83.
Euro gains amid expectations that increased defense spending and borrowing in Europe will help revive the struggling economy.
As expected, the ECB once again lowered its three key ECB interest rates by 25 basis points.
Industrial producer prices in the Euro Area rose by 0.8% month-over-month in January 2025
GBPINR
SELL GBPINR MAR @ 112.4 SL 112.7 TGT 112-111.8.
Observations
GBPINR trading range for the day is 111.52-112.9.
GBP rose driven by a weaker US dollar amid concerns about the US economy and the impact of upcoming tariffs.
GBP also benefited from expectations that UK interest rates will stay higher for longer.
BoE’s Ramsden warned that persistent wage pressures could keep inflation elevated but suggested future rate cuts could accelerate if needed
JPYINR
SELL JPYINR MAR @ 59.15 SL 59.35 TGT 58.9-58.7.
Observations
JPYINR trading range for the day is 58.28-59.36.
JPY gained from a broad weakness in the dollar, which came under pressure from the fallout from President Donald Trump’s tariffs.
However, the growing acceptance that the BoJ will hike interest rates further holds back the JPY bears.
BoJ rate hike bets and the narrowing US-Japan rate differential should continue to underpin the JPY.
