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USDINR

Observation

USDINR trading range for the day is 82.93-83.17.

Rupee gained on the back of dollar sales from two large foreign banks.

Fiscal deficit target of 4.5% of GDP by FY26 a challenge:

Fitch The Reserve Bank of India continues to intervene in the currency market.

SELL USDINR FEB @ 83.1 SL 83.2 TGT 83-82.92.

EURINR

Observation

EURINR trading range for the day is 89.38-89.6.

Euro recovers as investors continued to assess the monetary policy outlook globally

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

Observation

GBPINR trading range for the day is 104.48-105.1.

GBP gains on UK recession fears have faded on prospects of early BoE 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

Observation

JPYINR trading range for the day is 56.11-56.51.

JPYINR APR-FEB 0.7700 SELL JPYINR FEB @ 56.4 SL 56.6 TGT 56.2-56.

JPY recovered benefitting mainly from a pullback in the dollar

Reserve assets in Japan fell slightly to $1.292 trillion in January 2024 from $1.295 trillion in December

The index of leading economic indicators in Japan, increased to 110.0 in December 2023

SELL JPYINR FEB @ 56.4 SL 56.6 TGT 56.2-56.