*USD/INR Spot* {Spot Ref: 86.53 Expected Opening} *News/Data/Comment* : While markets remain optimistic about Trump's pro-growth agenda \, his policies have also fueled concerns about a potential economic slowdown and persistent inflation. Safe-haven assets like the yen and gold have been among the biggest beneficiaries of this uncertainty. The dollar/yen pair dropped below 150, reaching its lowest level since early December [as a result, EM FX also has gained in the last two weeks], while gold surged to within $50 of the $3,000 per ounce mark. Higher volatility in FX in the last 5 months and the possibility of further swings have resulted in Corporate India coming out with various Hedging Strategies [ See Chart Below] and this is finding mentions in the various investor communications. *Price Action & Technicals*: For the USD/INR, the Long Term Objective is raised to 88.30 with a highly likely Zig-Zag path [already saw steep Swing-Down last three days] in February & March due to US Tariff Uncertainty. Last week’s Down-Swing in the pair will keep any Major Up-Trend in check for the next 2-3 weeks. *Intraday*: The pair will today trade “Sideways to Down” with Support Intraday at 86.27/23 {Intraday Buying Areas} and Resistance at the 86.77 {Intraday Selling Areas} levels.