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USDINR

Observations

USDINR trading range for the day is 83.3-83.7.

Rupee recovered on likely intervention by RBI and comments by an Iranian official that there was no missile attack.

IMF raises India’s GDP forecast and global growth projection for 2024-25

Investors are also watching out for cues on U.S. interest rates.

BUY USDINR APR @ 83.5 SL 83.4 TGT 83.6-83.7

EURINR

Observations

EURINR trading range for the day is 88.28-89.52.

Euro dropped as the hawkish comments from Fed officials provided support to dollar.

ECB policymakers noted the central bank should cut rates in June to avoid falling behind the inflation curve.

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

BUY EURINR APR @ 88.8 SL 88.6 TGT 89-89.2.

GBPINR

Observation

GBPINR trading range for the day is 103.48-104.26.

GBP dropped as Dollar recovers amid expectations that Fed will keep interest rates higher for a longer period.

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

UK’s inflation rate fell to 3.2% year-on-year in March 2024 from 3.4% in the previous month

BUY GBPINR APR @ 103.2 SL 102.9 TGT 103.5-103.8.

JPYINR

Observations 

JPYINR MAY-APR 0.6850 BUY JPYINR APR @ 53.9 SL 53.7 TGT 54.1-54.3.

JPY remained in range as BOJ’s Ueda said that the central bank may raise interest rates again

The core consumer price index in Japan, rose 2.6% YoY in March 2024

BOJ’s Noguchi said that the pace of future policy adjustment is expected to be slow and cannot be compared to that of other major central banks.

BUY JPYINR APR @ 53.9 SL 53.7 TGT 54.1-54.3