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USD/INR:

Observations:

USDINR trading range for the day is 83-83.1.

Rupee remained in range amid a high influx of foreign currency and repeated hawkish guidance by RBI.

Retail sales in the US shrank 0.8% in January, reversing from a downwardly revised 0.4% rise in December

India recorded a trade deficit of $17.5 billion in January 2024, the lowest in nine months

SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.9.

EURINR:

Observations:

EURINR trading range for the day is 89.06-89.38.

Euro gains as investors digested cautious sentiments regarding monetary policy easing from various ECB officials.

EU economy has entered 2024 on a weaker footing than expected and lowered the growth outlook for this year

The Eurozone posted a €16.8 billion trade surplus in December 2023

BUY EURINR FEB @ 89.2 SL 89 TGT 89.4-89.6.

GBPINR:

Observations:

GBPINR trading range for the day is 103.61-105.55.

GBP eased from highs as UK economy entered recession in the second half of 2023.

Latest inflation data shows more downward pressure than expected, BOE’s Bailey

Business investment in UK unexpectedly increased by 1.5% in the fourth quarter of 2023

BUY GBPINR FEB @ 104.2 SL 103.9 TGT 104.5-104.7.

JPYINR:

Observations:

JPYINR trading range for the day is 55.29-55.65.

JPY attracts some follow-through buying amid intervention fears.

The Japanese economy unexpectedly contracted 0.4% on an annualized basis during the fourth quarter of 2023

Japan's GDP unexpectedly shrank 0.1% qoq in Q4 of 2023, missing market forecasts of a 0.3% growth

SELL JPYINR FEB @ 55.6 SL 55.8 TGT 55.4-55.2.

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