Sell JPYINR Mar @ 59 SL 59.2 TGT 58.8-58.6 - Kedia Advisory
USDINR
BUY USDINR MAR @ 87.05 SL 86.9 TGT 87.2-87.35.
Observations
USDINR trading range for the day is 86.87-87.45.
Rupee rose aided by dollar sales from foreign banks and the trimming of short bets against it.
Dollar-rupee forward premiums declined, with the 1-year implied yield lower by 3 bps at 2.13%.
India’s CPI rose 3.61% YoY in February, the lowest in seven months.
EURINR
SELL EURINR MAR @ 94.9 SL 95.1 TGT 94.6-94.4.
Observations
EURINR trading range for the day is 94.24-95.42.
Euro dropped on profit booking after prices seen supported as traders welcomed signs of a potential ceasefire in Ukraine.
The euro zone economy is facing exceptional shocks from trade, defence and climate issues.
The services sentiment indicator in the Eurozone fell to 6.2 in February of 2025 from 6.7 the downwardly revised 6.7 in the previous month
GBPINR
SELL GBPINR MAR @ 113 SL 113.25 TGT 112.7-112.5.
Observations
GBPINR trading range for the day is 112.46-113.2.
GBP dropped as traders stayed wary amid continued uncertainty about global economic conditions.
Data by the British Retail Consortium and KPMG showed that retail sales growth slowed again in February.
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 SL 59.2 TGT 58.8-58.6.
Observations
JPYINR trading range for the day is 58.9-58.9.
JPY stabilized amid concerns over the economic fallout of an escalating global trade war.
Japan's annual wholesale inflation hit 4.0% in February
Japan’s Business Survey Index for large manufacturing firms dropped to -2.4% in the first quarter of 2025
