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USDINR

Observations

USDINR trading range for the day is 83.39-83.61.

Rupee closed stronger aided by gains in most of its Asian peers and dollar sales from foreign banks.

Investors await remarks from Fed policymakers this week for further cues on when the central bank may begin to ease policy rates.

Interest rate futures are currently pricing in a 67% chance of a rate cut in September, according to CME's FedWatch tool.

SELL USDINR JUN @ 83.5 SL 83.6 TGT 83.4-83.3.

EURINR

Observation

EURINR trading range for the day is 89.13-89.73.

Euro steadied as traders continue to assess the political situation in France, the economic outlook and monetary policy prospects.

Euro zone business recovery slows sharply in June, PMI shows

France's services industry contracted more than expected this month, dragged down by weak demand

BUY EURINR JUN @ 89.4 SL 89.2 TGT 89.6-89.8.

GBPINR

Observations

GBPINR trading range for the day is 105.5-105.86.

GBP steadied as markets assessed continued to gauge Britain’s monetary policy and political future.

Retail sales in the UK soared 2.9% month-over-month in May 2024.

Public sector net borrowing, in the UK increased to £15.0 billion in May 2024

BUY GBPINR JUN @ 105.6 SL 105.3 TGT 105.9-106.

JPYINR

Observations

JPYINR trading range for the day is 51.91-53.11.

JPY depreciated as Bank of Japan officials remained divided on how to proceed with the next interest rate hike.

The au Jibun Bank Japan Services PMI slipped to 49.8 in June 2024 from a final 53.8 in April.

Investors now look ahead to more economic reports this week including retail sales, industrial production and unemployment data for May

BUY JPYINR JUN @ 52.3 SL 52.1 TGT 52.5-52.7.