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USDINR

Observations

USDINR trading range for the day is 82.87-82.99.

Rupee closed little changed as dollar demand from state-run banks offset positive cues.

Moody's raised India's GDP growth projection for 2024 calendar year to 6.8 per cent

Investors are currently pricing in a nearly 72% chance of a rate cut in June, up from about 61% a week earlier.

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

EURINR

Observations

EURINR trading range for the day is 89.84-90.24.

Euro gains as investors looked towards the European Central Bank's interest rate decision

Inflation rate in the Eurozone slowed for a second month to 2.6% in February

HCOB's final euro zone manufacturing PMI, dipped to 46.5 in February from January's 46.6.

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

GBPINR

Observations

GBPINR trading range for the day is 104.87-105.33.

GBP gains buoyed by encouraging data signaling a resurgence in the housing market.

Investors anticipate the possibility of a first rate cut by the Bank of England in August

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

SELL GBPINR MAR @ 105.3 SL 105.6 TGT 105-104.8.

JPYINR

Observations

JPYINR trading range for the day is 55.29-55.61.

JPY ticks lower in the wake of the BoJ policy uncertainty and the risk-on mood

Japan government considers declaring end to deflation

Japanese companies increased spending on plant and equipment by 16.4% year-on-year in the fourth quarter of 2023

SELL JPYINR MAR @ 55.5 SL 55.7 TGT 55.3-55.1.