USDINR trading range for the day is 82.92-83.2 - Kedia Advisory
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USDINR:
Observations:
USDINR trading range for the day is 82.92-83.2.
Rupee strengthened bolstered by US Dollar sales from both local and foreign banks
The Indian budget revised its fiscal deficit to 5.8% of GDP in FY24, a modest positive impact on the rupee.
Fed Chair Powell stated that the upcoming inflation data will determine how soon the central bank moves ahead on rate cuts.
SELL USDINR FEB @ 83.1 SL 83.25 TGT 82.95-82.85.
EURINR:
Observations:
EURINR trading range for the day is 89.49-90.21.
Euro dropped as investors digested inflation and GDP data from Europe's largest economies
Euro zone inflation, growth could be lower than seen, ECB's VP says
Euro zone factory downturn eased for third month in January
BUY EURINR FEB @ 89.8 SL 89.6 TGT 90.1-90.3.
GBPINR:
GBPINR trading range for the day is 104.54-105.66.
GBP dropped as the downbeat market mood dampens the appeal of risk-sensitive assets.
BOE kept the key base rate unchanged at a 16-year high of 5.25% for the fourth consecutive time during its first meeting of 2024
The UK economy is on the cusp of a technical recession as it contracted by 0.1% in the third quarter of 2023
BUY GBPINR FEB @ 104.9 SL 104.6 TGT 105.3-105.5.
JPYINR:
Observations:
JPYINR trading range for the day is 56.4-57.5
JPY gains as troubles at regional US lender New York Community Bancorp prompted a rush to safe-haven assets
The au Jibun Bank Japan Manufacturing PMI was at 48.0 in January 2024, after December's 10-month low of 47.9.
Japan’s unemployment rate fell to 2.4% in December, coming in below economists’ forecasts of no change at 2.5%.
SELL JPYINR FEB @ 56.9 SL 57.1 TGT 56.7-56.5.
