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USDINR

Observations

USDINR trading range for the day is 83.48-83.6.

Rupee closed nearly flat, tracking largely subdued price action in its Asian peers.

Dollar-rupee forward premiums ticked up, with the 1-year implied yield touching a one-month peak of 1.66%

India's foreign exchange reserves decreased by $1.71 billion to reach $652 billion

SELL USDINR JUL @ 83.6 SL 83.7 TGT 83.5-83.4.

EURINR

Observation

EURINR trading range for the day is 90.36-90.58.

Euro steadied as traders assess the political situation in France and monetary outlook from the ECB.

Investors still expect the ECB to cut interest rates once or twice this year

Annual inflation rate in the Euro Area eased in June to 2.5% but the core rate remained steady at 2.9%

SELL EURINR JUL @ 90.5 SL 90.7 TGT 90.3-90.2.

GBPINR

Observations

GBPINR trading range for the day is 106.82-107.04.

GBP steadied as investors shift focus to UK monthly GDP and the factory data for May.

The UK economy is estimated to have expanded by 0.2% after remaining unchanged in April.

BOE policymaker Haskel advocated for holding interest rates at their current levels as price pressures in the job market remain firm.

SELL GBPINR JUL @ 107 SL 107.3 TGT 106.7-106.5.

JPYINR

Observations

JPYINR trading range for the day is 51.84-52.14.

JPY dropped as investors cautiously awaited Fed Powell’s testimony before Congress for clues on the US monetary policy path.

The lack of urgency from the Bank of Japan to normalize monetary settings also weighed on the yen

The gauge for Japan’s service sector increased to 47.0 in June 2024 from May's 1-1/2-year low of 45.7

SELL JPYINR JUL @ 52.1 SL 52.3 TGT 51.9-51.7.