SELL EURINR JUN @ 100 SL 100.25 TGT 99.7-99.5 - Kedia Advisory
USDINR
SELL USDINR JUN @ 86.1 SL 86.3 TGT 85.9-85.7.
Observations
USDINR trading range for the day is 85.68-86.34.
Rupee settled flat as global markets steadied after a ceasefire between Iran and Israel held.
The headline inflation rate fell by more than expected to 2.82% in May, the lowest in over six years.
Investors continued to focus on the low inflationary backdrop in India and the dovish response by the RBI.
EURINR
SELL EURINR JUN @ 100 SL 100.25 TGT 99.7-99.5.
Observations
EURINR trading range for the day is 99.56-100.26.
Euro steadied as the apparent stability of the ceasefire between Israel and Iran provided some relief to investors.
The European Central Bank's inflation target of 2% is in reach, ECB President Christine Lagarde said.
Market attention shifts to the conclusion of the NATO summit in the Netherlands, where geopolitical developments remain in sharp focus.
GBPINR
SELL GBPINR JUN @ 117.25 SL 117.55 TGT 116.9-116.6.
Observations
GBPINR trading range for the day is 116.82-117.5.
GBP settled flat as markets closely monitored the fragile ceasefire between Israel and Iran, which helped ease fears of inflationary shocks.
BoE Governor Andrew Bailey reinforced that rates are likely to fall, citing signs of slack in the labor market.
Ramsden said labor market loosening was behind his vote for a rate cut, warning it could push inflation below the 2% target.
JPYINR
SELL JPYINR JUN @ 59.5 SL 59.7 TGT 59.3-59.1.
Observations
JPYINR trading range for the day is 59.28-59.72.
JPY gains as BoJ reiterates data-dependent approach to future rate hikes
BoJ signals no imminent rate hike, awaits confirmation of economic and price outlook.
BoJ’s Tamura warns inflation may hit 2% target earlier than forecast
