Buy Jpyinr Apr @ 53.7 SL 53.5 TGT 53.9-54.1 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.24-83.38.
Rupee ended slightly higher amid dollar demand from local oil companies
The HSBC India Services PMI increased to 61.7 in April 2024 from 61.2 a month earlier.
The HSBC India Composite flash PMI rose to 62.2 in April 2024 from a final 61.8 in the prior month.
SELL USDINR APR @ 83.35 SL 83.45 TGT 83.25-83.15.
EURINR
Observations
EURINR trading range for the day is 177.63-178.61.
Euro steadied as investors digested stronger-than-expected flash PMI figures from Europe's largest economies.
The latest survey revealed stronger-than-expected output in the bloc during April
The HCOB Eurozone Services PMI reached 52.9 in April 2024, marking an eleven-month high compared to March's 51.5
BUY EURINR APR @ 88.85 SL 88.65 TGT 89.05-89.2.
GBPINR
Observation
GBPINR trading range for the day is 206.6-207.76.
GBP gains as investors digested solid UK PMI data and assessed the potential impact on monetary policy trajectory.
The latest survey revealed that British business activity expanded in April by the most since May 2023.
Public sector net borrowing, in the UK decreased to £11.9 billion in March 2024 compared to £16.6 billion in the corresponding period last year.
BUY GBPINR APR @ 103.2 SL 103 TGT 103.5-103.8.
JPYINR
Observations
JPYINR trading range for the day is 53.69-53.95.
JPY remained in range as indicated that it is in no rush in terms of policy normalization
The au Jibun Bank flash Japan Services PMI increased to 54.6 in April from a final 54.1 in the previous month
The au Jibun Bank Japan Manufacturing PMI increased to 49.9 in April from 48.2 in the previous month
BUY JPYINR APR @ 53.7 SL 53.5 TGT 53.9-54.1.
