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1 Free Press Marg, Nariman Point, Mumbai-421

2 Currency USD-INR EUR-INR GBP-INR JPY-INR Particulars EURUSD EURGBP EURJPY GBPJPY GBPUSD USDJPY Indices BSE Nifty Nikkei HangSeng Straits Shanghai Jakarta Exp. Date Open High Low Close Change O.Int % Cng OI Volume ATP RBI Rate 29 JAN JAN JAN JAN Currency Spot (Asian Trading) Market Update Open High Low LTP % Change TIME ZONE :15pm EUR :15pm EUR :3pm EUR :pm USD :pm USD :pm USD 8:3pm EUR Global Market 8:3pm USD Close % Cng Indices Close % Cng 11:3pm USD Dow Jones Nasdaq S&P Bovespa CAC DAX FTSE Economical Data PPI m/m Core PPI m/m Empire State Manufacturing Index ECB President Draghi Speaks IBD/TIPP Economic Optimism FOMC Member George Speaks DATA French Final CPI m/m French Gov Budget Balance Trade Balance Trading activity on NSE and BSE in Capital Market Segment (In Rs. Crores) 14/1/219 FII's DII's Source - NSE Buy Value 3, , Sell Value 3, , Net Value

3 NSE-CUR USDINR 29 JAN 219 Rupee dropped tracking the firmness in greenback and surged to onemonth high on overseas fund outflows from local stocks. India s wholesale inflation eased to an eight-month low in December, strengthening views the central bank could ease its monetary policy stance next month as the country faces a slowdown in manufacturing. Annual wholesale price inflation edged down to 3.8 percent last month, as food prices hardly rose and fuel cost increases almost halved, government data showed. The Reserve Bank of India s Monetary Policy Committee, which mainly monitors retail inflation data and kept interest rates unchanged at a meeting last month, will have leeway to soften its monetary stance at its Feb. 7 meeting. Annual growth in India s industrial output in November slumped to.5 percent from an upwardly revised 8.4 percent in October, on a slowdown in auto and garment manufacturing. The economic weakness is a problem for Prime Minister Narendra Modi, who has already been struggling to meet ambitious job creation targets, ahead of an election, which has to be held by May. Wholesale food prices in December remained almost flat, up.7 percent from a year earlier compared with a 1.96 percent fall a month earlier. The figures indicate that rural incomes remain under pressure while consumers are benefitting from easing inflation. Technically market is under fresh buying as market has witnessed gain in open interest by 3.27% to settled at while prices up.43 rupees, now USDINR is getting support at 7.76 and below same could see a test of level, And resistance is now likely to be seen at , a move above could see prices testing OPEN HIGH LOW CLOSE % RE VOL OI R1 R2 R3 PP S1 S2 S ,72, Trading Ideas : # USDINR trading range for the day is # Rupee dropped tracking the firmness in greenback and surged to one-month high on overseas fund outflows from local stocks. # India s wholesale inflation eased to an eight-month low in December, strengthening views the central bank could ease its monetary policy stance next month. # Annual wholesale price inflation edged down to 3.8 percent last month, as food prices hardly rose and fuel cost increases almost halved, government data showed. # RBI Reference Rate for USDINR was at # BUY USDINR 29 JAN 7.6 SL 7.45 TGT NSE 2

4 NSE-CUR EURINR 29 JAN 219 Euro remained supported as the greenback s outlook remained bleak amid cautious signals from the Federal Reserve about further rate hikes. Nearly two-thirds of German businesses want the European Central Bank to raise interest rates soon despite a clouded growth outlook, a survey showed. Market expectations for an ECB interest rate hike have been pushed back into 22 after a string of disappointing industrial data from Germany and other euro zone economies suggested that growth in the single currency bloc might be slowing. A majority of German company executives support the euro zone's bail-out measures for struggling member states, with 83 percent of respondents saying the bloc's rescue mechanism are good and right, the showed. ECB policymakers next meet on Jan. 24 and while no big changes are expected, investors think the bank will tweak its policy message to acknowledge weaker growth. The Fed chairman said in a forum at the Economic Club of Washington that the U.S. central bank intends to shrink its balance sheet further, suggesting it is not done tightening monetary policy just yet. Data showing U.S. consumer prices in December fell for the first time in nine months in December had little impact on the market, but it backed the Fed s cautious stance about raising rates this year. Italy's industrial production decreased at the fastest pace in four months in November and the fall was worse than expected, preliminary data from the statistical office ISTAT showed. Technically now EURINR is getting support at and below same could see a test of 8.85 level, And resistance is now likely to be seen at 81.8, a move above could see prices testing OPEN HIGH LOW CLOSE % RE VOL OI R1 R2 R3 PP S1 S2 S , Trading Ideas : # EURINR trading range for the day is # Euro remained supported as the greenback s outlook remained bleak amid cautious signals from the Federal Reserve about further rate hikes. # Nearly two-thirds of German businesses want the European Central Bank to raise interest rates soon despite a clouded growth outlook. # Market expectations for an ECB interest rate hike have been pushed back into 22 after a string of disappointing industrial data from Germany. # RBI Reference Rate for EURINR was at # SELL EURINR 29 JAN 81.2 SL TGT NSE 3

5 NSE-CUR GBPINR 29 JAN 219 GBP jumped on growing expectations that Britain will seek to delay its scheduled departure date from the European Union. A denial by Prime Minister Theresa May s spokeswoman of a newspaper report knocked sterling off highs but it remained up on the day, with citing a growing sense among some investors that Britain will not be leaving the EU on March 29. Two of the biggest donors to the Brexit campaign told they now believe the project they championed will eventually be abandoned by the government, underlining the uncertainty about what will happen after March 29, Britain s scheduled departure date. Data showed Britain s economy cooled in the three months to November, but the focus remained on May s efforts to get her Brexit deal through parliament. A series of setbacks suffered by May in parliament ahead of the vote on her Brexit deal next week had pushed sterling to a one-week low against the euro before London s Evening Standard, quoting British cabinet ministers, reported that Britain could extend Article 5, which determines the exit date. The run-up to the parliamentary vote is likely to dominate trading of sterling but the consequences of its outcome for the British currency are far from clear. British lawmakers have demanded a quick plan B if May loses the vote and that could reduce the chances Britain will leave the EU without a divorce deal. Technically now GBPINR is getting support at 9.65 and below same could see a test of 9.16 level, And resistance is now likely to be seen at 91.49, a move above could see prices testing OPEN HIGH LOW CLOSE % RE VOL OI R1 R2 R3 PP S1 S2 S , Trading Ideas : # GBPINR trading range for the day is # GBP jumped on growing expectations that Britain will seek to delay its scheduled departure date from the European Union. # Brexit update: UK PM May says blocking Brexit is more likely than no-deal # Brexit update: UK PM May believes stopping Brexit more likely than no-deal split, UK Parliament set to vote on May's Brexit deal on Tuesday # RBI Reference Rate for GBPINR was at # BUY GBPINR 29 JAN 9.7 SL 9.4 TGT NSE 4

6 NSE-CUR JPYINR 29 JAN 219 JPY dropped as heightened investor expectations that the Federal Reserve will not raise rates this year weighed on dollar. Risk sentiment improved on hopes for both a U.S.-Sino trade deal and more aggressive stimulus from Chinese policymakers to support its ailing economy. Market participants think that worries of slowing domestic and global growth as well as tame U.S. inflation will make Fed policymakers hesitant to raise borrowing costs in the world's largest economy. Fed Chairman Jerome Powell reiterated last week that the U.S. central bank has the ability to be patient on monetary policy given that inflation remains stable. Overall bank lending in Japan was up 2.4 percent on year in December, the Bank of Japan said - coming in at trillion yen. That follows the 2.1 percent increase in November. Excluding trusts, bank lending climbed an annual 2.5 percent to trillion yen - up from 2.2 percent in the previous month. Japan has a current account surplus of billion yen in November, the Ministry of Finance said. That exceeded expectations for a surplus of billion yen and was down from 1,39.9 billion yen in October. The trade balance reflected a deficit of billion yen versus expectations for a shortfall of billion yen following the billion yen deficit in the previous month. Technically now JPYINR is getting support at and below same could see a test of level, And resistance is now likely to be seen at , a move above could see prices testing OPEN HIGH LOW CLOSE % RE VOL OI R1 R2 R3 PP S1 S2 S , Trading Ideas : # JPYINR trading range for the day is # JPY dropped as heightened investor expectations that the Federal Reserve will not raise rates this year weighed on dollar. # Risk sentiment improved on hopes for both a U.S.-Sino trade deal and more aggressive stimulus from Chinese policymakers to support its ailing economy. # BOJ Gov Kuroda says markets somewhat rough, cites unexpected overseas developments # RBI Reference Rate for JPYINR was at # SELL JPYINR 29 JAN 65.4 SL 65.7 TGT NSE 5

7 SPREAD MATRIX FOR USDINR SPREAD MATRIX FOR EURINR MONTH RATE JAN FEB MAR MONTH RATE JAN FEB MAR JAN JAN FEB FEB MAR MAR SPREAD MATRIX FOR GBPINR SPREAD MATRIX FOR JPYINR MONTH RATE JAN FEB MAR MONTH RATE JAN FEB MAR JAN JAN FEB FEB MAR MAR MAJOR CURRENCY CROSS RATES Last Trade INR U.S. $ Euro U.K. en RBI Reference Rate 1 INR = Date Last Previous 1 U.S. $ = USD Euro = EURO U.K. = YEN en = GBP

8 Contact Us Head Office Currency Desk Phone: Disclaimer: The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and is for general guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company makes no guarantee and assumes no liability for any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. LKP Securities Ltd., and affiliates, including the analyst who have issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the Currencies mentioned herein or engage in any other transaction involving such Currencies and earn brokerage or compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions. LKP Securities Ltd., and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. 6