BUY USDINR MAY @ 84.3 SL 84.1 TGT 84.5-84.7 - Kedia Advisory
USDINR
BUY USDINR MAY @ 84.3 SL 84.1 TGT 84.5-84.7.
Observations
USDINR trading range for the day is 84.2-84.92.
Rupee edged lower with traders citing routine dollar demand from oil companies and importers.
India Services PMI was revised lower to 58.7 in April 2025, down from the preliminary estimate of 59.1.
The central bank is expected to continue bolstering its foreign exchange reserves, which have risen for the eighth straight week
EURINR
BUY EURINR MAY @ 95.8 SL 95.5 TGT 96.1-96.4.
Observations
EURINR trading range for the day is 95.32-96.32.
Euro settled flat as traders remained focused on the ongoing trade war, particularly negotiations between the US and several Asian countries.
Industrial producer prices in the Euro Area fell by 1.6% month-over-month in March 2025, reversing a 0.2% rise in February.
ECB is expected to continue cutting interest rates in June, while the Federal Reserve is widely expected to hold rates steady this month.
GBPINR
BUY GBPINR MAY @ 112.8 SL 112.5 TGT 113.1-113.4.
Observations
GBPINR trading range for the day is 111.94-113.38.
GBP gains as markets awaited the BOE’s upcoming policy decision, with a 25 basis point rate cut to 4.25% widely anticipated.
UK is seen as relatively shielded from US tariffs compared to regions like China or the EU
Investors are also watching for the Bank's updated economic forecasts, which could signal whether further cuts are likely.
JPYINR
BUY JPYINR MAY @ 59.1 SL 58.9 TGT 59.3-59.5.
Observations
JPYINR trading range for the day is 58.59-59.81.
JPY recovered as the greenback weakened amid persistent global trade uncertainties.
Japan and the U.S. concluded a second round of bilateral trade talks this week, with Tokyo aiming to finalize an agreement by June.
Japan’s unemployment rate edged up to 2.5% in March, though the labor market remained relatively tight.
