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USDINR

SELL USDINR APR @ 95.1 SL 95.3 TGT 94.7-94.4.

Observations

USDINR trading range for the day is 93.25-96.57.

Rupee fell to a record low, finding only fleeting relief from the central bank's tightening of banks' forex position caps.

India's foreign exchange reserves fell to $698.35 billion as of March 20, compared with $709.76 billion a week earlier.

The government plans to borrow ?8.2 lakh crore in the first half of the next fiscal year.

EURINR

SELL EURINR APR @ 109.5 SL 109.8 TGT 109.2-108.8.

Observations

EURINR trading range for the day is 108.07-110.57.

Euro dropped as concerns mounted over the economic fallout from the escalating Middle East conflict.

Investors also turned their attention to a wave of key economic data due this week, including March inflation flash estimates from Europe’s major economies.

Market sentiment has shifted sharply on ECB policy, with traders now pricing in at least two interest rate hikes this year.

GBPINR

SELL GBPINR APR @ 126 SL 126.5 TGT 125.5-125.

Observations

GBPINR trading range for the day is 123.68-127.48.

GBP dropped as risk aversion dominated markets as traders assessed the economic risks from the protracted Middle East conflict.

UK retail sales volumes fell 0.4% month-on-month in February 2026, following an upwardly revised 2% jump in January

Bank of England policy expectations underwent a dramatic shift: markets now anticipate at least two rate hikes in 2026.

JPYINR

SELL JPYINR APR @ 59.5 SL 59.8 TGT 59.2-58.9.

Observations

JPYINR trading range for the day is 58.94-59.78.

JPY dropped despite repeated verbal warnings from Finance stating that government is prepared to take “bold actions” to counter excessive foreign exchange moves.

The currency came under pressure from surging oil prices tied to the Middle East conflict, as higher import costs threatened to derail Japan’s economic recovery.

Policymakers emphasized the need to adjust policy without delay if conditions hold, while avoiding sustained inflation above 2%.