Sell Usdinr MAR @ 83.05 SL 83.15 TGT 82.95-82.85 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 82.87-83.15.
Rupee closed weaker, pressured by weakness in its Asian peers and dollar demand from state-run banks.
India cenbank bought net $1.95 bln in spot forex market in January Fitch Ratings revised
India's gross domestic product (GDP) growth forecast for the ongoing and the next financial year upwards
SELL USDINR MAR @ 83.05 SL 83.15 TGT 82.95-82.85.
EURINR
Observations
EURINR trading range for the day is 89.86-90.4.
Euro depreciated as investors digested dovish comments from few ECB officials
ECB’s Guindos remarked that the central bank would be prepared to deliberate an interest rate cut in June.
ECB Lagarde mentioned that the bank had just initiated discussions regarding a potential reduction in interest rates
BUY EURINR MAR @ 90 SL 89.8 TGT 90.2-90.4.
GBPINR
Observations
GBPINR trading range for the day is 105.02-105.72.
GBP dropped as investors awaited the release of crucial inflation data
February's inflation figures are anticipated to reveal a slowdown, with the British inflation rate likely easing to 3.5%
The Bank of England is widely expected to maintain its rates at 5.25% on Thursday
BUY GBPINR MAR @ 105.3 SL 105 TGT 105.6-105.8.
JPYINR
Observations
JPYINR trading range for the day is 54.85-56.01.
JPYINR APR-MAR 0.3875 SELL JPYINR MAR @ 55.3 SL 55.5 TGT 55.1-54.9.
JPY depreciated even after the Bank of Japan raised interest rates from -0.1% to 0%
The central bank abandoned its yield curve control policy, no longer targeting 10-year bond yields.
BOJ's Noguchi warns against discontinuous changes in monetary policy by eliminating YCC and NIRP together
SELL JPYINR MAR @ 55.3 SL 55.5 TGT 55.1-54.9.
