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USDINR

Observations

USDINR trading range for the day is 83.26-83.62.

Rupee closed stronger aided by dollar sales from foreign banks and likely intervention from the Reserve Bank of India.

The HSBC India Services PMI was revised lower to 60.4 in May 2024 from 61.4 in the preliminary estimates

The HSBC India Composite PMI fell to 60.5 in May 2024, revised down from the initial estimate of 61.7

SELL USDINR JUN @ 83.5 SL 83.65 TGT 83.45-83.35.

EURINR

Observations

EURINR trading range for the day is 90.43-90.85.

Euro steadied ahead of the ECB monetary policy decision

The annual core inflation rate in the Euro Area, came in at 2.9% in May 2024, slightly above market forecasts of 2.8%.

Annual inflation rate in the Euro Area rose for the first time in five months to 2.6% in May 2024

SELL EURINR JUN @ 90.8 SL 91 TGT 90.6-90.4

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 remained in range as UK services activity confirms slowdown

The S&P Global UK Composite PMI fell to 53.0 in May 2024 from April's one-year high of 54.1

Retail sales in the United Kingdom rose 0.4% on a like-for-like basis in May 2024 from a year ago, reversing from a 4.4% decline in April

SELL GBPINR JUN @ 106.9 SL 107.2 TGT 106.6-106.4

JPYINR

Observations

JPYINR trading range for the day is 53.11-53.63.

JPY dropped as real wages in the country declined for the 25th consecutive month in April

The au Jibun Bank Japan Services PMI was revised higher to 53.8 in May 2024 from a preliminary figure of 53.6.

The au Jibun Bank Japan Composite PMI was revised upward to 52.6 in May 2024 from a flash figure of 52.4.

BUY JPYINR JUN @ 53.3 SL 53.1 TGT 53.5-53.7.