Buy EURINR MAY @ 89.5 SL 89.3 TGT 89.7-89.9 - Kedia Advisory
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USDINR
Observation
USDINR trading range for the day is 83.35-83.63.
Rupee closed slightly higher aided by a rise in its Asian peers but dollar demand from state-run banks limited gains.
OECD revises India's FY25 growth forecast upward to 6.6%
India's services exports declined 1.3 per cent in March to $30 billion while imports fell by 2.1 per cent to $16.61 billion
SELL USDINR MAY @ 83.55 SL 83.65 TGT 83.45-83.35
EURINR
Observation
EURINR trading range for the day is 89.15-89.79.
Euro remained in range as investor sentiment favoring a more dovish stance from the European Central Bank
ECB Chief Economist Philip Lane emphasized that the central bank will continue to adopt a data-dependent approach.
The weekly US Initial Jobless Claims remained at the lowest level in two months, prompting the Fed to delay rate cuts.
BUY EURINR MAY @ 89.5 SL 89.3 TGT 89.7-89.9.
GBPINR
Observation
GBPINR trading range for the day is 104.47-104.71.
GBP steadied as the speculation about the BoE pivoting to interest rate cuts has been postponed
BoE Governor Andrew Bailey said he is confident that it will return to the desired rate of 2%.
The S&P Global UK Services PMI jumped to 55 in April of 2024 from 53.1 in the earlier month
BUY GBPINR MAY @ 104.5 SL 104.25 TGT 104.8-105
JPYINR
Observation
JPYINR trading range for the day is 53.49-54.97.
JPY gained driven by a suspected intervention from Japanese authorities on at least two instances starting on Monday.
The consumer confidence index in Japan declined to 38.3 in April 2024 from 39.5 in the previous month
The au Jibun Bank Japan Manufacturing PMI was revised lower to 49.6 in April 2024 from 49.9 in the preliminary estimates
SELL JPYINR MAY @ 54.5 SL 54.7 TGT 54.3-54.1.
