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USDINR

Observation

USDINR trading range for the day is 83.53-83.57.

Rupee ended mostly unchanged amid a resilient Indian economy and hawkish expectations for the RBI.

India’s wholesale prices increased by 1.26% year-on-year in April 2024

RBI has likely been supplying dollars to nullify the impact of outflows, keeping the rupee in a narrow range.

SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.

EURINR

Observation

EURINR trading range for the day is 89.9-90.36.

Euro steadied with investors watching US inflation data and first-quarter GDP and employment figures for the Euro Area

Germany’s consumer prices inflation was confirmed at 2.2% in April 2024

Germany's current account surplus narrowed to EUR 27.6 billion in March 2024 from EUR 28.8 billion in the previous month.

SELL EURINR MAY @ 90.4 SL 90.6 TGT 90.2-90.

GBPINR

Observation

GBPINR trading range for the day is 104.48-105.06.

GBP steadied as traders digest the recent labour data and the monetary policy outlook.

The unemployment rate in the UK edged up for a third month and wage growth stayed at 6%.

Governor Bailey hinted at potential future rate cuts, suggesting a more accommodative monetary policy ahead.

SELL GBPINR MAY @ 105.3 SL 105.6 TGT 105-104.8.

JPYINR

Observation

JPYINR trading range for the day is 53.09-53.97.

JPY weakened stoking fears that Japanese authorities could intervene again to support the currency.

Japan’s Suzuki said the government is coordinating with BOJ to ensure aligned policy objectives when it comes to foreign exchange.

Producer prices in Japan increased by 0.9% yoy in April 2024, holding steady for the second straight month

SELL JPYINR MAY @ 53.3 SL 5310 TGT 53.5-53.7.