Sell USDINR Feb @ 86.75 SL 86.9 TGT 86.6-86.5 - Kedia Advisory
USDINR
SELL USDINR FEB @ 86.75 SL 86.9 TGT 86.6-86.5.
Observations
USDINR trading range for the day is 86.37-87.13.
Rupee strengthened as market sentiment improved after Trump said a new trade deal with Beijing was possible.
In addition, dollar sales from foreign banks, most likely on behalf of custodial clients, also aided the rupee.
India's economy rebounds as budget-driven consumption offsets global headwinds: RBI
EURINR
BUY EURINR FEB @ 90.4 SL 90.2 TGT 90.6-90.8.
Observations
EURINR trading range for the day is 90.13-91.03.
Euro dropped as traders weighed the impact of rising defense spending, US tariffs, and geopolitical tensions.
The current account surplus in the Euro Area widened to €50.5 billion in December 2024 from €39.7 billion a year earlier.
ECB is expected to cut its deposit rate by 25 basis points at each of the next three meetings, bringing it down from the current 2.75%.
GBPINR
BUY GBPINR FEB @ 109 SL 108.9 TGT 109.3-109.5.
Observations
GBPINR trading range for the day is 108.93-109.77.
GBP dropped as traders digest key economic data and its implications for monetary policy.
The latest UK jobs market data published earlier does not change the Bank of England's broad expectations for the economy, BoE Governor Bailey.
The United Kingdom’s unemployment rate held steady at 4.4% from October to December 2024, defying expectations of a rise to 4.5%.
JPYINR
SELL JPYINR FEB @ 58.1 SL 58.3 TGT 57.9-57.7.
Observations
JPYINR trading range for the day is 57.64-58.24.
JPY strengthened as trade and geopolitical uncertainties boosted demand for the safe-haven currency.
JPY’s rise was supported by expectations that the Bank of Japan will raise interest rates further this year.
Japan’s trade deficit increased significantly to JPY 2,758.78 billion in January 2025
