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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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