Sell Usdinr Feb@ 83.1 SL 83.2 TGT 83-82.92 - Kedia Advisory
USDINR:
Observation:
USDINR trading range for the day is 82.89-83.13.
Rupee remained in range amid robust influxes of foreign currency and a hawkish RBI.
RBI held its benchmark interest rate at 6.5% and extended its “withdrawal of accommodation” policy
RBI has repeatedly intervened in foreign exchange markets to prevent the local currency from sinking
SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.92.
EURINR:
Observation:
EURINR trading range for the day is 89.32-89.74.
Euro gains as interest rate cuts continued to buoy investor confidence.
German industrial output fell by 1.6% month-over-month in December 2023
Euro zone consumers have trimmed their expectations for inflation over the next 12 months
BUY EURINR FEB @ 89.3 SL 89.1 TGT 89.5-89.7.
GBPINR:
Observations:
GBPINR trading range for the day is 104.48-105.02.
GBP remained in range as investors tempered their expectations of early interest rate cuts
BoE's Breeden says less worried that rates will need rise again
The Halifax House Price Index rose by 2.5% yoy in January 2024
BUY GBPINR FEB @ 104.7 SL 104.4 TGT 105-105.2.
JPYINR:
Observations:
JPYINR trading range for the day is 55.59-56.33.
JPY dropped as the latest central bank commentary countered bets on an aggressive shift in Japan’s monetary policy.
The value of loans in Japan increased 3.1% year-on-year in January 2024
Reduced Fed rate cut bets favour the USD bulls and should limit deeper losses for the pair
SELL JPYINR FEB @ 56.4 SL 56.6 TGT 56.2-56.
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