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USDINR

Observations

USDINR trading range for the day is 81.96-82.42

Rupee halted a four-day winning streak as domestic trade deficit widened to a five-month high and the Fed signalled more rate hikes.

India's merchandise trade deficit narrowed to USD 22.12 billion in May 2023

The Fed's dot plot showed that officials now expect the Fed Funds rate to top out at 5.6% this year

EURINR

Observations

EURINR trading range for the day is 88.72-89.36

Euro seen supported after Fed kept the interest rates steady, as expected

The ECB delivered another 25bps interest rate increase, in line with market expectations, and signalled more hikes to come

Euro zone April trade deficit at 11.7 billion euros

GBPINR

Observations

GBPINR trading range for the day is 103.67-104.25

GBP gains as Britain's economy grew modestly in April

BoE Governor Bailey said the wage data showed the labour market was "very tight".

The next important read for UK inflation will be the consumer price index on June 21

JPYINR

Observations

JPYINR trading range for the day is 58.18-58.74

JPY dropped after Fed decided to keep interest rates unchanged but maintained a hawkish stance.

Japan's trade deficit fell to JPY 1,372.5 billion in May 2023

Japan's core machinery orders, increased by 5.5% month-on-month in April 2023

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