Sell JPYINR JUN @ 53.6 SL 53.8 TGT 53.4-53.2 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.35-83.57.
Rupee strengthened as RBI kept its benchmark policy repo at 6.5% for the eighth consecutive meeting
The US economy added 272K jobs in May, much higher than a downwardly revised 165K in April
RBI revised the economic growth forecast for the fiscal year 2025 to 7.2% from 7%.
SELL USDINR JUN @ 83.6 SL 83.7 TGT 83.4-83.3.
EURINR
Observations
EURINR trading range for the day is 90.71-91.21.
Euro steadied as the European Central Bank delivered its first interest rate cut in five years, as widely expected.
German industrial production fell by 0.1% month-over-month in April 2024
ECB raised its inflation outlook for this year and dampened expectations for a faster pace of rate reductions.
SELL EURINR JUN @ 90.9 SL 91.1 TGT 90.7-9.5.
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 steadied as investors were looking for clues on the next steps by major central banks.
The Bank of England is set to keep rates at 5.25%, the highest since 2008 on June 20th.
Political uncertainty from the early July general election affects the outlook.
SELL GBPINR JUN @ 106.8 SL 107.1 TGT 106.5-106.3
JPYINR
Observations
JPYINR trading range for the day is 53.29-53.79.
JPY steadied as investors avoided making big bets ahead of the Bank of Japan’s policy meeting next week.
Reserve assets in Japan fell significantly to $1.232 trillion in May 2024 from $1.279 trillion
Japanese household spending rose for the first time in 14 months in April from the year earlier.
SELL JPYINR JUN @ 53.6 SL 53.8 TGT 53.4-53.2.
