USDINR trading range for the day is 83.18-83.3. - Kedia Advisory
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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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