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USDINR

Observations

USDINR trading range for the day is 83.28-83.7.

Rupee ended weaker pressured by dollar demand from local importers and foreign banks.

Signs of a softening job market in the US compounded pressure in dollar from a more hawkish outlook for the ECB.

The RBI's monetary policy decision, alongside the U.S. non-farm payrolls report, is due on Friday.

SELL USDINR JUN @ 83.6 SL 83.7 TGT 83.4-83.3.

EURINR

Observations

EURINR trading range for the day is 90.63-90.99.

Euro edged up with traders bracing for an ECB rate cut.

The ECB lowered its key interest rates by 25bps in June, bringing the main refinancing operations rate to 4.25%

Retail sales in the Euro Area declined 0.5% month-over-month in April 2024

SELL EURINR JUN @ 91 SL 91.2 TGT 90.8-90.6.

GBPINR

Observations

GBP surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September.

GBP gains as dollar weakens due to growing speculation that Fed will start reducing interest rates from September.

British businesses' expectations for wage growth over the coming year fell sharply last month to 4.1% in May.

The S&P Global UK Construction PMI rose to 54.7 in May 2024, the highest since May 2022

SELL GBPINR JUN @ 106.8 SL 107.1 TGT 106.5-106.3.

JPYINR

Observations

JPYINR trading range for the day is 53.4-53.54.

JPY steadied as BOJ Toyoaki Nakamura warned that the country may fall short of the 2% inflation target next year if consumption stagnates.

BOJ’s Himino said that the central bank must be “very vigilant” to the effects of the yen’s weakness on the economy and inflation.

The au Jibun Bank Japan Services PMI was revised higher to 53.8 in May 2024 from a preliminary figure of 53.6.

BUY JPYINR JUN @ 53.4 SL 53.2 TGT 53.6-53.8.