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USDINR

Observations

USDINR trading range for the day is 83.24-83.44.

Rupee settled flat amid dollar demand from importers and bets that US Federal Reserve rate cuts are not imminent.

The US economy grew only 1.6% in Q1, the least since a contraction in Q2 of 2022

The Indian economy needs to grow at a rate of 8–10% per annum over the next decade to reap the demographic dividend – RBI

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

EURINR

Observations

EURINR trading range for the day is 177.76-179.12.

Euro gains as stronger than expected PMI data from the bloc

BoE Governor Andrew Bailey expects a sharp drop in April’s inflation.

Bank of England officials suggested the central bank was becoming more confident that UK inflation is subsiding

BUY EURINR APR @ 89 SL 88.8 TGT 89.2-89.4.

GBPINR

Observation

GBPINR trading range for the day is 207.24-209.04.

GBP gains as investors digested solid UK PMI data and assessed the potential impact on monetary policy trajectory.

The latest survey revealed that British business activity expanded in April by the most since May 2023.

Public sector net borrowing, in the UK decreased to £11.9 billion in March 2024 compared to £16.6 billion in the corresponding period last year.

BUY GBPINR APR @ 103.5 SL 103.3 TGT 103.8-104.

JPYINR

Observations 

JPYINR trading range for the day is 53.49-53.79.

JPYINR MAY-APR 0.6075 BUY JPYINR APR @ 53.6 SL 53.4 TGT 53.8-54. JPY dropped as the Bank of Japan kicks off its two-day monetary policy meeting.

BOJ Governor Ueda said that the central bank may raise interest rates again

Japan Finance Minister Shunichi Suzuki said he won’t comment on foreign exchange levels.