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USDINR

Observations

USDINR trading range for the day is 83.19-83.37.

Rupee ended slightly stronger after dollar demand from local importers

Recent data had not increased Fed confidence in progress toward the 2% medium-term target, FOMC minutes.

India cenbank net bought $13.25 bln in spot forex market in March, bulletin shows

SELL USDINR MAY @ 83.35 SL 83.45 TGT 83.25-83.15.

EURINR

Observations

EURINR trading range for the day is 90.07-90.49.

Euro steadied as investors awaited wage and survey-based growth data for a steer on the outlook for interest rates.

Officials from the European Central Bank and the Federal Reserve warned that the monetary easing path remained uncertain.

Euro zone's current account surplus jumped in March

BUY EURINR MAY @ 90.3 SL 90.05 TGT 90.1-89.9.

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 strengthened following higher than expected inflation figures.

Annual inflation rate in the UK eased to 2.3% in April, approaching the Bank of England's target of 2%.

British manufacturing orders contracted this month at the fastest rate since November and expectations for future price hikes abated.

SELL GBPINR MAY @ 106 SL 106.3 TGT 105.7-105.5.

JPYINR

Observations 

JPYINR trading range for the day is 53.25-53.95. JPYINR JUN-MAY 0.4900 SELL JPYINR MAY @ 53.6 SL 53.8 TGT 53.4-53.2.

JPY dropped as the dollar strengthened after Fed officials have largely called for caution.

The Bank of Japan maintained its normal process and pace of buying government bonds after a surprise dip in purchases earlier this week.

Japan's trade deficit increased to JPY 462,50 billion in April 2024 from JPY 429,79 billion in the same month of the prior year

SELL JPYINR MAY @ 53.6 SL 53.8 TGT 53.4-53.2.