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USDINR

Observations

USDINR trading range for the day is 83.09-83.29.

Rupee strengthens due to strong fiscal position and RBI intervention

RBI's intervention to support the rupee has lifted its forex reserves to a record high.

PMIs remain above the 60 threshold, and GDP is set to expand over 6% for the fifth consecutive quarter

SELL USDINR JUN @ 83.25 SL 83.35 TGT 83.15-83.1.

EURINR

Observations

EURINR trading range for the day is 89.54-90.84.

Euro rose as traders adjusted their interest rate cut bets as investors now predict an 88% chance

The PMI readings showed private sector activity grew the most in a year in May

Germany’s economy expanded by 0.2% quarter-on-quarter in the three months to March 2024

BUY EURINR JUN @ 90 SL 89.8 TGT 90.2-90.4.

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 steadied as traders digest key economic data and the impact it will have on the monetary policy outlook.

Retail sales fell 2.3% last month, the most so far this year and much worse than forecast.

UK inflation neared the Bank of England's target in April, but did not slow as much as expected

BUY GBPINR JUN @ 105.6 SL 105.3 TGT 105.9-106.2.