BUY GBPINR JUN @ 106 SL 105.7 TGT 106.3-106.5 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.45-83.61.
Rupee ended weaker weighed down by a rise in U.S. bond yields RBI raised India's FY25 real
GDP forecast to 7.20 per cent due to improved rural and urban demand conditions
India's foreign exchange reserves reached a historical high of $ 651.5 billion as of May 31, 2024
SELL USDINR JUN @ 83.6 SL 83.7 TGT 83.4-83.3
EURINR
Observations
EURINR trading range for the day is 89.36-90.86.
Euro depreciated on renewed political uncertainty
French President Emmanuel Macron called for a snap election following a big loss to Marine Le Pen’s National Rally party in the European Union vote.
Pressure also seen from a rallying dollar as strong US jobs data prompted traders to trim expectations for US interest rate cuts.
BUY EURINR JUN @ 89.8 SL 89.6 TGT 90-90.2
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 dropped as dollar gains amid the lower bets of the US Fed rate cuts this year
The US economy created more jobs than expected in May, which dampened the expectation of Fed rate cuts in September.
Investors will closely watch the UK employment data for May, which is due on Tuesday.
BUY GBPINR JUN @ 106 SL 105.7 TGT 106.3-106.5.
JPYINR
Observations
JPYINR trading range for the day is 53.2-53.58.
JPY weakened as the US dollar surged on strong US jobs data
Japan’s economy contracted at an annualized rate of 1.8% in the first quarter.
Investors look forward to the Bank of Japan’s policy decision on Friday, with a focus on whether the central bank will reduce its monthly bond purchases
SELL JPYINR JUN @ 53.4 SL 53.6 TGT 53.2-53
