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USDINR

Observations

USDINR trading range for the day is 83.18-83.72.

Rupee dropped amid month-end dollar demand from importers, with investors awaiting the outcome of the country's general elections.

The core personal consumption expenditure price index in the US rose by 0.2% month over month in April

The Indian economy expanded by 7.8% from the corresponding period of the previous year in the quarter ending March of 2024.

The Indian economy expanded by 7.8% from the corresponding period of the previous year in the quarter ending March of 2024.

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

EURINR

Observations

EURINR trading range for the day is 89.97-90.95.

Euro gains as higher-than-expected inflation in the Eurozone added to uncertainties over the ECB’s cutting path this year.

German retail sales fell more than expected in April, decreasing by 1.2% compared with the previous month.

German import prices fell 1.7% year-on-year in April 2024, easing from a 3.6% drop in the previous month.

BUY EURINR JUN @ 90.3 SL 90.1 TGT 90.5-90.7.

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 steadied as the US Dollar stabilizes after a steep correction induced by the downwardly revised US Q1 GDP data.

British businesses are their most confident in eight years and their hiring plans are the strongest since 2017.

The Nationwide House Price Index in the United Kingdom rose by 1.3% year-on-year in May 2024.

BUY GBPINR JUN @ 106 SL 105.7 TGT 106.3-106.5.

JPYINR

Observation

JPYINR trading range for the day is 53.22-53.52.

JPY steadied as BoJ’s Adachi emphasized the gradual reduction of bond purchases to ensure that long-term yields accurately reflect market signals.

Retail sales in Japan grew 2.4% year-on-year in April 2024, accelerating from a downwardly revised 1.1% rise in March

BoJ's Adachi favored raising interest rates if a weaker JPY leads to heightened inflation.

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