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USDINR

Observations

USDINR trading range for the day is 83.25-83.61.

Rupee falls on aggressive dollar bids by local oil companies, importers and equity-related outflows

India current account gap narrows to 1.2% of GDP in Q3 FY24

The RBI’s FX reserves rose to a record high of $642.49 billion as of March 15.

SELL USDINR APR @ 83.4 SL 83.55 TGT 83.25-83.1.

EURINR

Observations

EURINR trading range for the day is 90.24-90.58.

Euro dropped due to USD strength, buoyed by durable goods data and stable consumer confidence.

ECB official Yannis Stoumaras commented that there is a consensus for a June rate cut.

Bets for a June ECB rate cut undermine the Euro and further contribute to the downfall.

SELL EURINR APR @ 90.6 SL 90.8 TGT 90.4-90.2.

GBPINR

Observations

GBPINR trading range for the day is 105.03-105.61.

GBP retreats on higher BoE rate cut projections

BoE Bailey says he doesn’t see market expectations for two or three rate cuts as unreasonable.

The monthly retail sales balance in United Kingdom, climbed to +2 in March 2024

SELL GBPINR APR @ 105.6 SL 105.8 TGT 105.3-105.1.

JPYINR

Observations

JPYINR trading range for the day is 55.19-55.75.

JPY steadied amid relatively dovish outlook for BOJ.

Japan’s finance minister said that he would not rule out any measures to cope with the weakening currency.

Weakness in the yen came even as the Bank of Japan hiked interest rates for the first time in 17 years last week.

SELL JPYINR APR @ 55.4 SL 55.6 TGT 55.2-55.