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USD/INR

USDINR trading range for the day is 82.94-83.3. Rupee fell pressured by dollar demand from importers, debt repayment outflows and weakness in most Asian peers. Fed left the interest rates unchanged and signaled that it still plans three rate cuts before the end of the year RBI’s intervention to absorb dollar inflows has fuelled the shortage of dollars alongside corporate payment and equity related outflows.

SELL USDINR MAR @ 83.2 SL 83.3 TGT 83.1-83.

EUR/INR

EURINR trading range for the day is 90.03-90.41.

Euro steadied as investors awaited the Fed’s decision, for further insights into the potential timing of rate cuts this year.

Germany’s ZEW and EU surveys beat expectations, uplifting investor sentiment.

ECB's Kazaks 'comfortable' with market bets on three rate cuts this year

BUY EURINR MAR @ 90.2 SL 90 TGT 90.45-90.65.

GBP/INR

GBPINR trading range for the day is 105.38-105.82.

GBP steadied amid growing speculation that the Bank of England may cut interest rates

The latest CPI report revealed that the headline figure dropped to 3.4% in February, the lowest rate since September 2021

Factory gate prices of goods produced by UK manufacturers rose 0.4% year-on-year in February 2024

BUY GBPINR MAR @ 105.6 SL 105.3 TGT 105.9-106.2.

JPY/INR

JPYINR trading range for the day is 54.8-55.1.

JPYINR APR-MAR 0.3825 BUY JPYINR MAR @ 54.9 SL 54.7 TGT 55.2-55.4.

JPY dropped weighed by lack of forward guidance for further tightening disappointed hawkish Bank of Japan traders.

The BoJ, decided to end its negative interest rate policy and announced its first rate increase since 2007

The BoJ indicated that it will reduce purchases of commercial paper and corporate bonds

BUY JPYINR MAR @ 54.9 SL 54.7 TGT 55.2-55.4.