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USDINR

Observations

USDINR trading range for the day is 82.93-83.35.

Rupee gains amid strong growth of India's business sector in May and the sharp exports and job addition rate.

Strong US business activity and hawkish minutes from Fed fueled bets the central bank may keep higher rates for longer.

The HSBC India Manufacturing PMI fell to 58.4 in May 2024, slowing from 58.8 in the previous month

SELL USDINR MAY @ 83.15 SL 83.25 TGT 83-82.9.

EURINR

Observations

EURINR trading range for the day is 89.71-90.35.

Euro weakens as fed is set to keep interest rates elevated for some time

Germany Manufacturing PMI increased to 45.4 in May 2024, the highest in four months, compared to 42.5 in April

Eurozone Manufacturing PMI increased to 47.4 in May 2024, the highest in 15 months, up from 45.7 in April

BUY EURINR MAY @ 90 SL 89.8 TGT 90.2-90.4.

GBPINR

Observation

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 traders digest key economic data and the impact it will have on the monetary policy outlook.

Retail sales fell 2.3% last month, the most so far this year and much worse than forecast.

UK inflation neared the Bank of England's target in April, but did not slow as much as expected

BUY GBPINR MAY @ 105.6 SL 105.3 TGT 105.9-106.2.