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USDINR

Observation

USDINR trading range for the day is 83.53-83.59.

Rupee closed flat ahead of data that could help gauge the timing of a policy reversal by the Federal Reserve.

The annual retail inflation rate in India eased slightly to 4.83% in April of 2024

Rupee closed flat ahead of data that could help gauge the timing of a policy reversal by the Federal Reserve.

SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.

EURINR

Observation

EURINR trading range for the day is 89.64-90.74.

Euro steadied as investors look ahead to a key US inflation reading for insights on Fed’s monetary policy path.

Economic growth and inflation data from the euro zone are consistent with the European Central Bank's projections.

The services confidence indicator in the Euro Area dipped by 0.4 points to 6.0 in April 2024

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

GBPINR

Observation

GBPINR trading range for the day is 104.3-104.8.

GBP steadied bolstered by releasing higher-than-expected UK GDP figures.

BoE's Bailey says future rate cuts may exceed those currently priced in by markets

BoE’s Chief Economist Huw Pill indicated a growing belief that rate cuts might be on the horizon.

SELL GBPINR MAY @ 104.9 SL 105.1 TGT 104.7-104.5.

JPYINR

Observation

JPYINR trading range for the day is 53.12-53.92.

JPY eased as investors look ahead to Japan’s first-quarter gross domestic product report this week.

BOJ’s meeting showed that the board flagged upside risks to inflation and discussed scenarios that would warrant further interest rate hikes.

Japan’s service sector was down to 47.4 in April 2024 from 49.8 in the previous month.

BUY JPYINR MAY @ 53.4 SL 53.2 TGT 53.6-53.8.