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USDINR

Observations

USDINR trading range for the day is 83.4-83.58.

Rupee fell pressured by dollar demand from importers, while likely intervention from RBI curb losses.

The HSBC India Services PMI was revised higher to 61.2 in March 2024

The HSBC India Composite PMI was revised upward to 61.8 in March 2024

SELL USDINR APR @ 83.55 SL 83.65 TGT 83.4-83.3.

EURINR

Observations

EURINR trading range for the day is 90.16-90.98.

Euro gains as investors digested comments from multiple Federal Reserve officials

Fed Chair Powell emphasized the necessity of acquiring further data before considering policy adjustments.

The HCOB Spain Composite PMI surged to 55.3 in March 2024 from 53.9 in February

SELL EURINR APR @ 90.7 SL 90.9 TGT 90.5-90.3.

GBPINR

Observation

GBPINR trading range for the day is 103.58-106.58.

GBP gains as recent economic indicators in UK have shown that the economy is on track to return to growth

The S&P Global UK Services PMI eased to 53.1 in March of 2024 from 53.8 in the earlier month

The S&P Global UK PMI Composite PMI was slightly revised down to 52.8 in March from 52.9

SELL GBPINR APR @ 105.5 SL 105.8 TGT 105.2-105.

JPYINR

Observations

JPYINR trading range for the day is 52.3-56.84.

JPY stabilized as investors avoided making big bets while awaiting clearer signals.

Finance Minister Shunichi Suzuki reiterated warnings against sharp currency declines

The Bank of Japan's Tankan index of sentiment among large manufacturers fell to plus 11 in the first quarter of 2024

BUY JPYINR APR @ 54.8 SL 54.6 TGT 55.05-55.25.