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USDINR

Observations 

USDINR trading range for the day is 83.52-83.62.

Rupee closed nearly unchanged as pressure due to dollar demand from local corporates was blunted by state-run banks' dollar offers

Factory gate prices in the US declined by 0.2% in May compared to market expectations of 0.1% increase

US annual inflation rate declined to 3.3% in May, below April's expectations of 3.4%

SELL USDINR JUN @ 83.6 SL 83.7 TGT 83.5-83.4.

EURINR

Observations

EURINR trading range for the day is 90.07-90.37.

Euro recovers as concerns about the political situation in France momentarily eased.

Germany's wholesale prices shrank by 0.7% year-on-year in May 2024, easing from a 1.8% fall in the previous month

Industrial production in the Euro Area declined by 0.1% month-over-month in April 2024

SELL EURINR JUN @ 90.25 SL 90.45 TGT 90-89.8.

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 gains as dollar dropped due to slower-than-expected US inflation.

BOE is expected to keep rates unchanged next week, with traders anticipating a rate cut in August or September

The RICS UK Residential Market Survey house price balance, fell to -17 in May 2024 from -7 in April

SELL GBPINR JUN @ 106.8 SL 107.1 TGT 106.5-106.2.

JPYINR

Observations

JPYINR trading range for the day is 53.25-53.55. 

JPY remained in range as caution prevailed ahead of the Bank of Japan’s policy decision

BOJ Governor Kazuo Ueda reaffirmed that the central bank will gradually scale back its huge balance sheet, although the timing remains uncertain.

The business survey index of large manufacturing firms in Japan shrank by -1.0% in Q2 of 2024

SELL JPYINR JUN @ 53.5 SL 53.7 TGT 53.3-53.1.