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USDINR

Observations

USDINR trading range for the day is 83.47-83.71.

Rupee weakened as strong labor data in the US lifted the dollar.

Markets continued to digest India’s election results and how the BJP’s dependence on its coalition will impact growth.

India's foreign exchange reserves reached a record $651.5 billion

SELL USDINR JUN @ 83.65 SL 83.75 TGT 83.55-83.45.

EURINR

Observations 

EURINR trading range for the day is 89.78-90.12.

Euro steadied as traders continue to digest the results from the European Parliament elections

ECB delivered its first rate cut in five years, but adopted a cautious approach towards additional cuts.

Consumer confidence in the Euro Area rose by 0.4 points from the previous month to -14.3 in May 2024

BUY EURINR JUN @ 89.8 SL 89.6 TGT 90-90.2.

GBPINR

Observations

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 data showed the labour market in the UK may be cooling

This week, other important economic indicators to look out for include monthly GDP, industrial production, construction output, and trade balance

Additionally, uncertainties regarding the general election in early July add to the economic unpredictability.

SELL GBPINR JUN @ 106.6 SL 106.9 TGT 106.3-106.

JPYINR

Observations

JPYINR trading range for the day is 53.28-53.46.

JPY steadied as traders seem reluctant ahead of this week's key US macro data and central bank event risks.

The BoJ policy uncertainty and a weak domestic economy continue to undermine the Japanese Yen.

Reduced Fed rate cut bets lend support to the USD and contribute to the pair’s steady positive move.

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