USDINR trading range for the day is 82.87-82.99 - Kedia Advisory
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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.
