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USDINR

Observations

USDINR trading range for the day is 83.41-83.65.

Rupee ended mildly higher aided by dollar sales from foreign and state-run banks.

Fed held its policy rate steady and announced it will slow its pace of quantitative tightening beginning June 1st.

Employment costs in the US rose by 1.2% during the first quarter, the most in one year

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

EURINR

Observations

EURINR trading range for the day is 89.22-89.62.

Euro consolidated as investors anticipated overall inflation figures for the Eurozone, for further cues on the ECB’s policy trajectory.

German retail sales increased by 1.8% month-over-month in March 2024

German import prices dropped 3.6% year-on-year in March 2024, easing from a 4.9% decline in the previous month

SELL EURINR MAY @ 89.6 SL 89.8 TGT 89.4-89.2.

GBPINR

Observation

GBPINR trading range for the day is 104.39-104.69.

GBP gains as mixed guidance from BoE over the inflation outlook increases uncertainty about when BoE will start its interest rate cuts cycle.

Investors see the BoE pivoting to interest rate cuts in the June or August meeting.

The Fed’s policy decision on Wednesday and the NFP report on Friday will be the key events this week.

SELL GBPINR MAY @ 104.85 SL 105.05 TGT 104.6-104.4.

JPYINR

Observations

JPYINR trading range for the day is 53.39-53.79.

JPY dropped as the dollar gained some ground ahead of the US Federal Reserve’s policy meeting this week.

Retail sales in Japan rose 1.2% year-on-year in March 2024

Japan’s unemployment unexpectedly was at 2.6% in March 2024, the same pace as in the prior month.

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