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USDINR

Observation

*  USDINR trading range for the day is 83.43-83.71.

*  Rupee ended lower as dollar demand from local oil companies and other importers

*  The HSBC India Services PMI was revised lower to 60.8 in April 2024 from 61.7 in the preliminary estimates

*  Fed officials have emphasised that they expect inflation to decline with the central bank holding rates steady.

SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.

EURINR

Observation

*  EURINR trading range for the day is 89.39-90.13.

*  Euro gains as traders revised their expectations for interest rate cuts

*  Euro zone business activity grows at fastest pace in almost a year

* German services sector picks up pace in April, PMI shows

SELL EURINR MAY @ 90 SL 90.2 TGT 89.8-89.6.

GBPINR

Observation

*  GBPINR trading range for the day is 104.45-105.07.

*  GBP gains as traders recalibrated their expectations for the timing of interest rate cuts in 2024

*  Bank of England is expected to keep rates unchanged next week but investors are fully pricing the first cut in August instead of September.

*  BoE Governor Andrew Bailey expressed optimism as British inflation appeared on track to meet the 2% target.

SELL GBPINR MAY @ 105 SL 105.3 TGT 104.7-104.45.

JPYINR

Observation

*  JPYINR trading range for the day is 54-54.54.

*  JPY dropped as most investors were away for a public holiday, although intervention risks remain.

*  US Treasury Secretary counsels caution on currency intervention from Japanese authorities.

*  The BOJ kept interest rates ultra-low despite high borrowing costs abroad

SELL JPYINR MAY @ 54.35 SL 54.55 TGT 54.15-54.