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USDINR

Observation

USDINR trading range for the day is 83.45-83.57.

Rupee closed flat as dollar demand from local oil companies and likely equity-related outflows weighed.

India's merchandise trade deficit increased to $19.1 billion in April from $15.60 billion in March.

Dollar-rupee forward premiums ticked higher with the 1-year implied yield up 2 basis points at 1.70%.

SELL USDINR MAY @ 83.55 SL 83.65 TGT 83.45-83.35.

EURINR

Observation

EURINR trading range for the day is 90.4-91.

Euro gains as softer-than-expected US inflation data bolstered bets for a September interest rate cut from Fed.

Eurozone economy expanded 0.3% on quarter in the first three months of 2024.

Industrial production in the Euro Area rose by 0.6% month-over-month in March 2024

SELL EURINR MAY @ 90.8 SL 91 TGT 90.6-90.4.

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 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.

The possibility of a rate cut by the BoE in June has risen to 50%, with traders anticipating two quarter-point cuts by year-end.

The UK employment data showed job market conditions deteriorated for the third consecutive month.

SELL GBPINR MAY @ 105.8 SL 106.1 TGT 105.5-105.2.

JPYINR

Observation

JPYINR trading range for the day is 53.46-54.44.

JPY strengthened amid a weakening of dollar, spurred by recent data reinforcing bets that Fed will start cutting interest rates in September.

The Japanese economy contracted 2.0% in Q1 of 2024.

Japan's GDP shrank 0.5% qoq in Q1 of 2024, compared with market estimates of a 0.4% fall.

SELL JPYINR MAY @ 54 SL 54.2 TGT 53.8-53.6.