Currency Market Steady Amid Narrow Ranges

The global currency market remains stable, with most pairs holding steady. The Dollar Index and Euro could trade between 98.50-99.50 and 1.17-1.16 respectively, while USDJPY and EURJPY may slowly rise towards 157-158 and 182-183 after the Bank of Japan's intervention last week.

The EURINR pair is expected to test 109 before reversing higher, while USDCNY needs a break below 6.71 to test support at 6.70 in the medium term. The Aussie could rise towards 0.7250-0.73, and the Pound may trade between 1.3475 and 1.3550.

USDINR needs to break below 94.45 for a possible test of lower support near 94; otherwise, a bounce back from current levels can negate bearishness in the near term. A stable range below 95 is expected to hold for at least a week.