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 83.2-83.58.
Rupee appreciated as markets assessed the monetary policy and currency intervention policy by the RBI.
The Reserve Bank of India maintained its benchmark policy repo at 6.5% for the seventh consecutive meeting in April 2024.
The RBI reaffirmed its commitment to bring down inflation to 4% in a timely and sustainable manner.
SELL USDINR APR @ 83.55 SL 83.65 TGT 83.4-83.3.
EURINR
Observations
EURINR trading range for the day is 90.22-90.68.
Euro dropped as investors adopting a cautious stance as rallying oil prices highlighted inflationary risks
ECB officials acknowledged that the case for considering interest rate cuts was gaining strength
Factory orders in Germany rose by 0.2% mom in February 2024, falling short of market forecasts of 0.3%
SELL EURINR APR @ 90.7 SL 90.9 TGT 90.5-90.3.
GBPINR
Observation
GBPINR trading range for the day is 104.92-105.68.
GBP dropped mirroring a global market downturn fueled by increasing tensions in the Middle East.
The Halifax House Price Index in the United Kingdom rose by 0.3% year-on-year in March 2024
The US economy is set to add 200K jobs in March 2024, which would mark the lowest reading in four months
SELL GBPINR APR @ 105.5 SL 105.8 TGT 105.2-105.
JPYINR
Observations
JPYINR trading range for the day is 54.29-55.89.
JPY gains as Japan warns against excessive yen moves, repeats verbal intervention
BOJ hopes to reduce bond buying in future, says governor Ueda
Japan's foreign reserves rose to $1.29 trillion at the end of March
BUY JPYINR APR @ 54.8 SL 54.6 TGT 55.05-55.25.
