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USDINR

Observations

USDINR trading range for the day is 83.53-83.75.

Rupee fell on corporate outflows and oil companies' dollar bids.

The International Monetary Fund (IMF) raised its economic forecasts this year for China, India, and Europe.

India’s economy is estimated to grow 7% from the 6.8% the IMF had projected, owing to stronger consumer spending in rural areas.

BUY USDINR JUL @ 83.6 SL 83.5 TGT 83.7-83.8.

EURINR

Observations

EURINR trading range for the day is 91.17-91.61.

Euro remained supported as investors awaited the ECB's interest rate decision.

ECB rates seen firmly on hold, but door to September cut still open

ECB President Lagarde will attempt to strike a balance, arguing that price pressures are coming down as expected but risks remain

SELL EURINR JUL @ 91.5 SL 91.7 TGT 91.2-91.

GBPINR

Observations

GBPINR trading range for the day is 108.52-108.78.

GBP gains as traders scaled back their expectations of a rate cut by BOE in August.

IMF raised its estimate of UK economic growth to 0.7% this year, from 0.5% in its last forecast in April.

UK pay growth slows but remains high for Bank of England

SELL GBPINR JUL @ 108.65 SL 108.95 TGT 108.3-108.

JPYINR

Observations

JPYINR trading range for the day is 52.44-54.14.

JPY jumped aftermath of another suspected intervention by Japanese authorities.

Japan posted a trade surplus of JPY 224.04 billion in June 2024, beating market forecasts.

Investors now look ahead BOJ’s policy meeting in late July where it is expected to announce its bond purchase tapering plans

SELL JPYINR JUL @ 53.55 SL 53.75 TGT 53.35-53.15.