IGI Logo

USDINR

USDINR trading range for the day is 83.44-83.62.

Rupee ended weaker despite an uptick in its Asian peers, as dollar demand from foreign banks weighed on the local currency

India Manufacturing PMI was revised lower to 58.8 in April 2024 from preliminary estimates and March’s final 59.1.

India cenbank's FX intervention eases as conditions turn favourable for rupee

SELL USDINR MAY @ 83.55 SL 83.65 TGT 83.45-83.35.

EURINR

Observation

EURINR trading range for the day is 89.09-89.77.

Euro steadied as investors digested the US Federal Reserve's latest policy decision.

The US central bank opted to maintain interest rates and struck a somewhat dovish tone

The industry confidence indicator in the Euro Area plummeted to -10.5 in April 2024 from a downwardly revised -8.9 in the previous month.

BUY EURINR MAY @ 89.3 SL 89.1 TGT 89.5-89.6.

GBPINR

Observation

GBPINR trading range for the day is 104.28-104.78.

GBP steadied fueled by expectations of a more dovish stance from BOE compared to US Fed regarding monetary policy.

Recent market sentiment suggests an 80% probability of the BoE initiating its first move in August.

BoE Governor Andrew Bailey recently indicated that British inflation seemed poised to align with the 2% target.

BUY GBPINR MAY @ 104.4 SL 104.2 TGT 104.65-104.85.

JPYINR

Observation

JPYINR trading range for the day is 53.09-54.07.

JPY remained in range on another suspected intervention by Japanese authorities, the second time this week.

Japan’s government refused to confirm whether it was behind the short-lived rallies in the yen this week

Japan’s Kanda said they will disclose results at the end of next month and will take appropriate action in the FX market as needed.

BUY JPYINR MAY @ 53.7 SL 53.5 TGT 53.9-54.1.