Buy JPYINR Apr @ 54 SL 53.8 TGT 54.2-54.4 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.45-83.63.
Rupee remained in range due to the potential intervention from RBI.
However, the growing expectations that the Fed will delay rate cuts provided some support to dollar
Indian economy's growth momentum is expected to decelerate in 2024 to 6.5% against the 6.7% in previous year – UNCTAD
EURINR
Observations
EURINR trading range for the day is 88.82-89.48.
Euro gains bolstered by renewed selling pressure in the US Dollar and a risk-friendly environment.
ECB President Lagarde confirmed that the ECB will cut rates soon
The consumer price inflation rate in the Euro Area was confirmed at 2.4% year-on-year in March 2024
SELL EURINR APR @ 89.3 SL 89.5 TGT 89.1-88.9.
GBPINR
Observation
GBPINR trading range for the day is 104.1-104.36.
GBP recovers propelled by stronger-than-expected inflation data from the UK
Factory gate prices of goods produced by UK manufacturers rose 0.6% year-on-year in March 2024
The latest CPI report revealed that the UK's inflation rate fell to 3.2% in March, the lowest since September 2021
SELL GBPINR APR @ 104.25 SL 104.55 TGT 103.95-103.75.
JPYINR
Observations
JPYINR trading range for the day is 54.02-54.3.
JPY steadied as the divergence in monetary policy between Fed and the BOJ became more pronounced.
Japan's trade balance shifted to a surplus of JPY 366,467 billion in March 2024
The pace of adjustments in policy interest rates in Japan would be incomparably slower than recent examples of other major central banks
BUY JPYINR APR @ 54 SL 53.8 TGT 54.2-54.4.
