Daily Forex Report

February 12, 2024

Key Highlights USD/INR Daily Chart (Spot)

 The USDINR futures on Friday traded on a positive note

finding support from 83 levels and gradually inched higher
towards 83.10 levels. A decisive move beyond this range can
bring in further momentum. The pair ended the day at 83.08,
marginally higher by 0.05%.

 The Dollar Index continued to consolidate on Friday while

trading near the 104 mark. The immediate support continues
to lie near the 103.80 mark and only a close below it might
bring in further weakness. It ended the day flat at 104.08,
marginally lower by 0.05%.

 Crude oil prices continued it's upward trend throughout the

week and extended its rise in prices for the 5th consecutive USDINR Outlook
session. The key resistance now lies near $82.50. It ended the
day at $81.62, higher by 0.26%. USDINR pair is expected to trade with a sideways bias. Key
support around 82.80 mark (Spot)
 India's Forex reserves rose by $5.73 billion as per data
Key Levels (Feb Fut)
released on 9th February. The total reserves now stand at
$622.46 billion. Support: 83.00/82.90

Resistance: 83.20/83.30

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 Daily Forex Report
February 12, 2024

Technical Levels (Futures)

Symbols Expiry Close S1 S2 R1 R2 Trend

USD/INR Feb 2024 83.07 82.90 82.82 83.20 83.30 Sideways

EUR/INR Feb 2024 89.54 89.20 88.90 90.20 90.50 Sideways

GBP/INR Feb 2024 104.74 104.40 104.00 105.40 105.80 Sideways

JPY/INR Feb 2024 55.81 55.60 55.00 56.50 57.00 Sideways

Dollar
Spot 104.00 103.80 103.40 104.60 105.20 Sideways
Index

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 Daily Forex Report
February 12, 2024

Currency Pairs Strategy for Exporters and Importers

USDINR Importers & Exporters may remain on the sidelines

EURINR Importers & Exporters may remain on the sidelines

GBPINR Importers & Exporters may remain on the sidelines

JPYINR Importers & Exporters may remain on the sidelines

India’s Economic Indicators FBIL Reference Rates (As on February 09)

Details Recent Previous Currency Rate

India IIP (YoY) (Nov) 2.4% 11.6% USD 82.9995

WPI Inflation (YoY) (Dec) 0.73% 0.26% EUR 89.4037

CPI (YoY) (Dec) 5.69% 5.55% GBP 104.7144

Foreign Exchange Reserve

$622.46B $616.73B 100 YEN 55.5500
(As on Feb 02 2024)

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 Daily Forex Report
February 12, 2024

Economic Calendar

Date IST Country Release Consensus Previous Impact

12 Feb 17:30 INR CPI (YoY) (Jan) 5.09% 5.69% High

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 Daily Forex Report
February 12, 2024

Research Team
Name Email ID

Siddarth Bhamre siddarth.bhamre@religare.com

Ajit Mishra ajit.mishra@religare.com

Manoj Vayalar manoj.vayalar@religare.com

Nirvi Ashar nirvi.ashar@religare.com

Gaurav Arora gaurav.arora3@religare.com

Akshay Tiwari akshay.tiwari@religare.com

Abhijeet Banerjee abhijeet.banerjee@religare.com

Gaurav Sharma gauravsharma2@religare.com

Rohan Shah rohan.shah@religare.com

Riddhika Mirajkar riddhika.mirajkar@religare.com

Ashwani Harit ashwani.harit@religare.com

James Kunnel james.kunnel@religare.com

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 Daily Forex Report
February 12, 2024

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