IGI Logo

USD/INR:

Observations:

USDINR trading range for the day is 83.08-83.2.

Rupee ended marginally higher aided by a slight uptick in the offshore Chinese yuan and a pullback in the dollar index.

HSBC India Composite PMI rose to 61.0 in January 2024, indicating strong growth in private sector

HSBC Flash India Manufacturing PMI rose to 56.9 in January 2024, indicating strongest growth in factory sector in four months

SELL USDINR JAN @ 83.2 SL 83.35 TGT 83.05-82.95

EURINR:

Observations:

EURINR trading range for the day is 90.19-90.91.

Euro gains as traders digest data indicating a slight easing in Eurozone business activity downturn

Eurozone private sector contracted the least since last July, with manufacturing downturn easing

HCOB Germany Manufacturing PMI increased to 45.4 in January, highest in eleven months

SELL EURINR JAN @ 90.6 SL 90.8 TGT 90.4-90.2.

GBPINR:

Observations:

GBPINR trading range for the day is 105.27-106.45.

GBP gains as investors anticipate Bank of England rate cuts later than Euro Area and US

Smaller-than-expected budget deficit in December potentially allows for tax cuts in March budget

UK retail sales decline sharply, inflation rate increases, raising risk of recession

SELL GBPINR JAN @ 105.7 SL 106 TGT 105.4-105.2.

JPYINR:

Observations:

JPYINR trading range for the day is 56.08-56.66.

JPY gains supported by BOJ comments on phasing out stimulus and raising interest rates

Larger-than-expected rise in Japan's exports and geopolitical tensions also support JPY

BoJ lowers forecast for core consumer prices, tempering hopes for tightening policy

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

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer