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USDINR:

Observations:

USDINR trading range for the day is 82.87-83.11.

Rupee ended slightly higher due to likely inflows, but gains were capped by dollar demand from importers.

Inflation expectations in India may stabilise and edge down going - RBI

India's retail inflation decreased to 5.1% in January, providing a stable environment for corporate expansion plans

SELL USDINR FEB @ 83 SL 83.1 TGT 82.9-82.8.

EURINR:

Observations:

EURINR trading range for the day is 89.25-89.91.

Euro stable amid cautious sentiments regarding monetary policy easing from various ECB officials

EU Commission cuts 2024 euro zone growth forecast, sees smaller inflation

European economic calendar looks thin until Thursday’s PMI prints

BUY EURINR FEB @ 89.4 SL 89.2 TGT 89.65-89.8

GBPINR:

Observations:

GBPINR trading range for the day is 104.29-104.83.

GBP remained stable as investors analyzed economic indicators and their impact on policy direction.

UK retail sales surged in January, marking the fastest growth in nearly three years.

UK economy contracted by 0.3% in the final quarter of 2023, entering its first technical recession since 2020.

BUY GBPINR FEB @ 104.4 SL 104.1 TGT 104.7-104.9.

JPYINR:

Observations:

JPYINR trading range for the day is 55.23-55.47.

JPY seen pressured as investors continued to assess the outlook for Fed monetary policy.

Finance Minister Shunichi Suzuki said he was more concerned about the negative aspects of a weak currency.

Investors anticipate the first 25 basis points (bps) rate cut in 2024 as early as June.

BUY JPYINR FEB @ 55.2 SL 55 TGT 55.45-55.65.

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