Buy JPYINR Apr @ 54.8 SL 54.6 TGT 55.05-55.25 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.4-83.58.
Rupee fell pressured by dollar demand from importers, while likely intervention from RBI curb losses.
The HSBC India Services PMI was revised higher to 61.2 in March 2024
The HSBC India Composite PMI was revised upward to 61.8 in March 2024
SELL USDINR APR @ 83.55 SL 83.65 TGT 83.4-83.3.
EURINR
Observations
EURINR trading range for the day is 90.16-90.98.
Euro gains as investors digested comments from multiple Federal Reserve officials
Fed Chair Powell emphasized the necessity of acquiring further data before considering policy adjustments.
The HCOB Spain Composite PMI surged to 55.3 in March 2024 from 53.9 in February
SELL EURINR APR @ 90.7 SL 90.9 TGT 90.5-90.3.
GBPINR
Observation
GBPINR trading range for the day is 103.58-106.58.
GBP gains as recent economic indicators in UK have shown that the economy is on track to return to growth
The S&P Global UK Services PMI eased to 53.1 in March of 2024 from 53.8 in the earlier month
The S&P Global UK PMI Composite PMI was slightly revised down to 52.8 in March from 52.9
SELL GBPINR APR @ 105.5 SL 105.8 TGT 105.2-105.
JPYINR
Observations
JPYINR trading range for the day is 52.3-56.84.
JPY stabilized as investors avoided making big bets while awaiting clearer signals.
Finance Minister Shunichi Suzuki reiterated warnings against sharp currency declines
The Bank of Japan's Tankan index of sentiment among large manufacturers fell to plus 11 in the first quarter of 2024
BUY JPYINR APR @ 54.8 SL 54.6 TGT 55.05-55.25.
