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USDINR

Observations

USDINR trading range for the day is 82.98-83.8.

Rupee strengthened aided by likely intervention from the central bank and an uptick in the offshore Chinese yuan.

S&P ups India growth forecast to 6.8% for FY'25

India's foreign exchange reserves reached an all-time high of $642.49 billion

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

EURINR

Observations

EURINR trading range for the day is 90.35-90.71.

Euro dropped as dovish comments from a typically hawkish ECB policymaker boosted hopes that the bloc's central bank might start cutting rates soon.

The GfK Consumer Climate Indicator for Germany edged up to -27.4 heading into April 2024

ECB’s Nagel said that the ECB might consider rate cuts before the summer break as inflation continues to fall towards the bank's 2% target

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

GBPINR

Observations

GBPINR trading range for the day is 105.26-105.66.

GBP steadied as Bank of England Governor Andrew Bailey hinted at potential interest rate cuts this year.

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

The Fed’s projected three rate cuts in 2024 keep the USD on the defensive and lend support.

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

JPYINR

Observations

JPYINR trading range for the day is 55.36-55.56.

JPY dropped as the uncertainty over BoJ’s future policy steps holds back traders from placing aggressive bullish bets.

BOJ indicated that financial conditions would remain accommodative and fell short of offering any guidance about the pace of policy normalization.

Consumer inflation in Japan remains above the central bank's 2% target, which, along with the positive outcome of spring wage negotiations.

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