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USDINR

Observations

USDINR trading range for the day is 82.87-83.01.

Rupee ended little changed as dollar demand from importers and a mild uptick in dollar eroded gains

The ISM Manufacturing PMI in the US declined to 47.8 in February, from 49.1 in the previous month

India Manufacturing PMI was revised higher to 56.9 in February 2024 from 56.7 in the preliminary reading

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

EURINR

Observations

EURINR trading range for the day is 89.6-89.96.

Euro dropped as traders digest the latest inflation figures and the outlook for monetary policy.

Euro zone manufacturing activity continued to contract last month amid weak demand

The consumer price inflation rate in the Euro Area declined to 2.6% year-on-year in February 2024

SELL EURINR MAR @ 90 SL 90.2 TGT 89.8-89.6.

GBPINR

Observations

GBPINR trading range for the day is 104.65-104.97.

GBP dropped as investors seek fresh cues about when the Bank of England will start reducing interest rates.

BoE policymakers are worried about the pace at which wage growth and service inflation are rising.

The S&P Global UK Manufacturing PMI was revised up to 47.5 in February 2024, the highest in ten months

BUY GBPINR MAR @ 150.1 SL 105.4 TGT 104.7-104.5.

JPYINR

Observations

JPYINR trading range for the day is 55.31-55.55.

JPY weakened as BOJ’s Ueda said it was too early to conclude that sustained achievement of 2% target can be foreseen

The au Jibun Bank Japan Manufacturing PMI was at 47.2 in February 2024

The consumer confidence index in Japan advanced to 39.1 in February 2024, up from 38.0 in the previous month

SELL JPYINR MAR @ 55.6 SL 55.8 TGT 55.4-55.2.