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USDINR

Observations

USDINR trading range for the day is 83.32-83.7.

Rupee ended lower weighed down by dollar demand from local oil companies and weakness in its Asian peers.

India’s HSBC Manufacturing PMI rose to 59.1 in March from the flash estimate of 56.9

According to the CME FedWatch Tool, investors are now pricing in about a 65% odds of a rate cut by June, down from about 70%.

SELL USDINR APR @ 83.6 SL 83.7 TGT 83.5-83.4.

EURINR

Observations

EURINR trading range for the day is 89.68-90.58.

Euro gains after an unexpected slowdown in the Eurozone inflation rate

ECB could start cutting interest rates in June as inflation may fall quicker than expected

The business environment for German carmakers and their suppliers improved noticeably in March

BUY EURINR APR @ 90.2 SL 90 TGT 90.4-90.6.

GBPINR

Observation

GBPINR trading range for the day is 104.7-105.6.

GBP gains after data showed Britain's manufacturing sector expanded in March

UK banks approved the highest number of mortgages in February since September 2022

Investors see a roughly 60% chance the BoE will cut rates by June, up from 15% at the start of March

BUY GBPINR APR @ 105.2 SL 104.9 TGT 105.5-105.8.

JPYINR

Observations

JPYINR trading range for the day is 54.95-56.05.

JPY remained in range amid speculations that Japanese authorities will intervene in the markets

The au Jibun Bank Japan Services PMI was revised lower to a seven-month high of 54.1 in March 2024

The au Jibun Bank Japan Composite PMI was revised downward to 51.7 in March 2024

SELL JPYINR APR @ 55.6 SL 55.8 TGT 55.4-55.2.