Fluent, and most CFD solvers, use a floating pressure. This means that the pressure drop is calculated and not the actual pressure itself. We can do this because it is not the pressure that drives fluid flow, instead it is the gradient of the pressure. One place where the pressure will explicitly show up in your solution is when the material properties include the pressure (for example density & ideal gas). But if you are using a refrigerant with constant properties, then this is not necessary.

Quote: I am also assuming that there is no pressure loss during the study.

Are you sure? Then what is driving the flow? If you have constant properties, then simply set the velocity inlet as you have. The outlet you will set as a zero relative pressure. This is defined against the reference pressure. The solver will then back-calculate the relative pressure at the inlet. This will show us the pressure drop for the domain.

If you wanted to see the "correct" absolute pressure, then you would have to set the reference pressure to 1.32 MPa.