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USDINR

Observations

USDINR trading range for the day is 83.45-83.63.

Rupee remained in range due to the potential intervention from RBI.

However, the growing expectations that the Fed will delay rate cuts provided some support to dollar

Indian economy's growth momentum is expected to decelerate in 2024 to 6.5% against the 6.7% in previous year – UNCTAD

EURINR

Observations

EURINR trading range for the day is 88.82-89.48.

Euro gains bolstered by renewed selling pressure in the US Dollar and a risk-friendly environment.

ECB President Lagarde confirmed that the ECB will cut rates soon

The consumer price inflation rate in the Euro Area was confirmed at 2.4% year-on-year in March 2024

SELL EURINR APR @ 89.3 SL 89.5 TGT 89.1-88.9.

GBPINR

Observation

GBPINR trading range for the day is 104.1-104.36.

GBP recovers propelled by stronger-than-expected inflation data from the UK

Factory gate prices of goods produced by UK manufacturers rose 0.6% year-on-year in March 2024

The latest CPI report revealed that the UK's inflation rate fell to 3.2% in March, the lowest since September 2021

SELL GBPINR APR @ 104.25 SL 104.55 TGT 103.95-103.75.

JPYINR

Observations

JPYINR trading range for the day is 54.02-54.3.

JPY steadied as the divergence in monetary policy between Fed and the BOJ became more pronounced.

Japan's trade balance shifted to a surplus of JPY 366,467 billion in March 2024

The pace of adjustments in policy interest rates in Japan would be incomparably slower than recent examples of other major central banks

BUY JPYINR APR @ 54 SL 53.8 TGT 54.2-54.4.