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USDINR

Observations

USDINR trading range for the day is 83.44-83.68.

Rupee ended stronger boosted by inflows into domestic sovereign bonds.

RBI Governor opined that retail inflation in India would moderate to an average of 4.5 per cent in FY25

India's current account deficit improved significantly to 0.7% of GDP in FY24, down from 2% of GDP previous year

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

EURINR

Observation

EURINR trading range for the day is 89.23-89.79.

Euro remained weak after ECB’s Rehn indicated potential for two more interest rate cuts this year.

The industry confidence indicator in the Euro Area worsened slightly to -10.1 in June 2024 from -9.9 in May

The economic sentiment indicator in the Euro Area edged down to 95.9 in June 2024 from an upwardly revised 96.1 in May

SELL EURINR JUL @ 89.6 SL 89.8 TGT 89.4-89.2.

GBPINR

Observations

GBPINR trading range for the day is 105.38-105.84.

GBP dropped as dollar strengthened while investors waited for the release of Fed’s preferred gauge of inflation.

UK’s high wage inflation refrains BoE policymakers from committing to interest rate cuts.

Uncertainty over the UK’s parliamentary elections will keep the Pound on tenterhooks.

SELL GBPINR JUL @ 105.7 SL 106 TGT 105.4-105.2.

JPYINR

Observations

JPYINR trading range for the day is 52.19-52.89.

JPY steadied amid strong retail sales data and bets that the Bank of Japan could raise interest rates at its July meeting.

Retail sales in Japan increased by 3% year-on-year in May 2024

The index of coincident economic indicators in Japan, stood at 115.2 in April 2024

SELL JPYINR JUL @ 52.5 SL 52.7 TGT 52.3-52.2.