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USDINR:

Observations:

USDINR trading range for the day is 83.09-83.41.

Rupee remained in range on the back of foreign portfolio inflows

The Indian economy remains resilient amid global challenges due to robust domestic demand

The Finance Ministry stated that India is on track to become the world's third-largest economy

SELL USDINR FEB @ 83.3 SL 83.45 TGT 83.15-83.05.

EURINR:

Observations:

EURINR trading range for the day is 89.98-90.52.

Euro dropped as investors foresee a potential 25 basis points rate cut by the ECB as soon as April German woes darken central Europe's recovery prospects

ECB's de Guindos says inflation risks coming in lower than expected

ECB held rates steady at a record high and batted back talk of cuts despite a raft of indicators showing that economic growth are softening

SELL EURINR FEB @ 90.3 SL 90.5 TGT 90.05-89.9

GBPINR:

GBPINR trading range for the day is 105.24-105.88.

GBP remained in range as investors step onto the sidelines ahead of the monetary policies by the Fed and BOE

BoE policymakers will be tested on the grounds of high inflation and bleak economic outlook.

The Fed is expected to define how it will fit 75 basis points rate reduction in 2024.

SELL GBPINR FEB @ 105.6 SL 105.9 TGT 105.3-105.1.

JPYINR:

Observations:

JPYINR trading range for the day is 56.64-56.94.

JPY gains due to fears of escalating conflicts in the Middle East

Japan's coincident economic indicators show a decline in November, indicating a struggling post-pandemic recovery and elevated inflation

Japan's leading economic indicators revised slightly lower, suggesting a less optimistic economic outlook for the next few months

SELL JPYINR FEB @ 56.8 SL 57 TGT 56.6-56.4

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