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USDINR

Observations

USDINR trading range for the day is 83.2-83.58.

Rupee appreciated as markets assessed the monetary policy and currency intervention policy by the RBI.

The Reserve Bank of India maintained its benchmark policy repo at 6.5% for the seventh consecutive meeting in April 2024.

The RBI reaffirmed its commitment to bring down inflation to 4% in a timely and sustainable manner.

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

EURINR

Observations

EURINR trading range for the day is 90.22-90.68.

Euro dropped as investors adopting a cautious stance as rallying oil prices highlighted inflationary risks

ECB officials acknowledged that the case for considering interest rate cuts was gaining strength

Factory orders in Germany rose by 0.2% mom in February 2024, falling short of market forecasts of 0.3%

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

GBPINR

Observation

GBPINR trading range for the day is 104.92-105.68.

GBP dropped mirroring a global market downturn fueled by increasing tensions in the Middle East.

The Halifax House Price Index in the United Kingdom rose by 0.3% year-on-year in March 2024

The US economy is set to add 200K jobs in March 2024, which would mark the lowest reading in four months

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

JPYINR

Observations

JPYINR trading range for the day is 54.29-55.89.

JPY gains as Japan warns against excessive yen moves, repeats verbal intervention

BOJ hopes to reduce bond buying in future, says governor Ueda

Japan's foreign reserves rose to $1.29 trillion at the end of March

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