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USDINR

Observations

USDINR trading range for the day is 83.43-83.81.

Rupee fell pegged back by persistent dollar demand by public sector banks.

Fed officials indicated that the central bank is not in a rush to start its rate-cutting cycle.

The S&P Global Ratings retained its growth forecast for India at 6.8% for FY25

SELL USDINR JUL @ 83.5 SL 83.6 TGT 83.4-83.3.

EURINR

Observation

EURINR trading range for the day is 89.48-89.7.

Euro falls on expectations of further ECB policy easing

The latest data showed a drop in consumer and business morale in Germany and France.

On the inflation front, preliminary data for major economies, including France, Spain, and Italy, will be published on Friday.

BUY EURINR JUL @ 89.4 SL 89.2 TGT 89.6-89.8.

GBPINR

Observations

GBPINR trading range for the day is 105.76-106.04.

GBP steadied as fears of policy divergence have intensified due to strong wage growth in UK.

UK’s high wage inflation refrains BoE policymakers from committing to interest rate cuts.

Uncertainty over the UK’s parliamentary elections will keep the Pound on tenterhooks.

BUY GBPINR JUL @ 105.6 SL 105.3 TGT 105.9-106.

JPYINR

Observations

JPYINR trading range for the day is 52.45-52.65.

JPY depreciated as investors turned cautious and counted down to the release of U.S. price data

Japan to respond appropriately to excessive yen volatility, official says

The au Jibun Bank Japan Services PMI slipped to 49.8 in June 2024 from a final 53.8 in April.

BUY JPYINR JUL @ 52.2 SL 52 TGT 52.4-52.6.