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USDINR

Observations

USDINR trading range for the day is 83.4-83.6.

Rupee closed weaker as broad based interbank dollar demand pressured the currency

Rupee closed weaker as broad based interbank dollar demand pressured the currency

Investors are currently pricing in nearly two rate cuts by the Federal Reserve over 2024.

SELL USDINR JUL @ 83.55 SL 83.65 TGT 83.45-83.35.

EURINR

Observation

EURINR trading range for the day is 89.42-90.2.

Euro climbs after first round of French elections

ECB’s Olli Rehn indicated last week that the central bank could lower interest rates two more times this year.

France's annual inflation rate slowed to 2.5%, as expected, while Spain's rate decreased to 3.5%.

SELL EURINR JUL @ 89.9 SL 90.1 TGT 89.7-89.5.

GBPINR

Observations

GBPINR trading range for the day is 105.4-105.98.

GBP strengthened as the country braces for upcoming parliamentary elections.

The Nationwide House Price Index in the United Kingdom rose by 1.5% year-on-year in June 2024

UK Manufacturing PMI was revised lower to 50.9 in June 2024 from a preliminary of 51.4

SELL GBPINR JUL @ 105.8 SL 106.1 TGT 105.5-105.3.

JPYINR

Observations

JPYINR trading range for the day is 52.32-52.56.

JPY dropped as a downward revision in Japan’s first quarter GDP kept the currency under pressure.

A second revision showed that Japan’s economy contracted at an annualized rate of 2.9% in the January-March quarter.

The Bank of Japan's Tankan index of sentiment among large manufacturers rose to plus 13 in the second quarter of 2024

SELL JPYINR JUL @ 52.4 SL 52.6 TGT 52.2-52.