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USD/INR:

Observations:

USDINR trading range for the day is 83.18-83.3.

Rupee hovered in a tight range as traders awaited the outcome of Fed meeting and India's federal budget.

India is likely to reduce its fiscal deficit by at least 50 basis points

The market expects the FOMC to keep rates at 5.25–5.50% unchanged at its January meeting.

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

EURINR:

Observations:

EURINR trading range for the day is 89.96-90.6.

Euro dropped as investors turned cautious ahead of a raft of economic data this week

Slower wage growth needed for euro zone rate cuts, ECB's Knot says

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:

Observations:

GBPINR trading range for the day is 105.51-105.91.

GBP steadied as traders looked ahead to the first Bank of England policy meeting

UK inflation expectations fall as BoE readies rates message

Money markets are currently pricing a 42% chance of a cut in May, while June is given a 74% chance.

SELL GBPINR FEB @ 105.8 SL 106 TGT 105.5-105.3.

JPYINR:

Observations:

JPYINR trading range for the day is 56.45-56.81.

JPY seen pressured after inflation in Tokyo fell below the BoJ’s 2% target

BoJ signaled its commitment to achieving the 2% inflation target and raised expectations of a rate hike in the coming

SELL JPYINR FEB @ 56.7 SL 56.9 TGT 56.5-56.3.

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