IGI Logo

USDINR

Observations

USDINR trading range for the day is 83.14-83.64.

Rupee declined pressured by persistent dollar demand from importers and election-related risks.

S&P Global Ratings reaffirmed India's sovereign credit rating to 'positive' from 'stable'

The extent of rate cuts by the Federal Reserve expected in 2024 have declined as compared to earlier in the month.

SELL USDINR JUN @ 83.5 SL 83.6 TGT 83.4-83.3.

EURINR

Observations

EURINR trading range for the day is 90.18-90.62.

Euro steadied amid surging bond yields and hawkish signals from the US Federal Reserve.

The GfK Consumer Climate Indicator for Germany rose to -20.9 heading into June 2024

Fed’s Kashkari said that he wouldn't rule out additional rate hikes if inflationary pressures resurface.

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

GBPINR

Observation

GBP surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September.

GBP remained in range after fresh US economic data and Fed's hawkish remarks reignited worries about the timing of rate cuts.

Retail sales in the UK declined 2.3% month-over-month in April 2024

A soft UK inflation outlook could prompt the BoE to start unwinding higher interest rates.

SELL GBPINR JUN @ 106.3 SL 106.6 TGT 106-105.7.

JPYINR

Observation

JPYINR trading range for the day is 53.03-53.73.

JPY dropped as BoJ’s Seiji Adachi emphasized the potential consequences of frequent changes in monetary policy

Japan’s Suzuki, emphasized the importance of currencies moving in a stable manner that reflects fundamentals

BoJ Governor remarked that progress has been made in moving away from zero and raising inflation expectations

SELL JPYINR JUN @ 53.4 SL 53.6 TGT 53.2-53.