Buy USDINR MAY @ 85.3 SL 85.15 TGT 85.45-85.6 - Kedia Advisory
USDINR
BUY USDINR MAY @ 85.3 SL 85.15 TGT 85.45-85.6.
Observations
USDINR trading range for the day is 85.23-85.79.
Rupee ended modestly higher hoisted by a weaker dollar, hurt by concerns over U.S. debt.
Dollar-rupee forward premiums dipped on the back of a rise in U.S. bond yields down.
ICRA forecasts India's Q4 GDP growth at 6.9%, resulting in a 6.3% growth for FY25
EURINR
SELL EURINR MAY @ 96 SL 96.2 TGT 95.75-95.5.
Observations
EURINR trading range for the day is 95.38-97.
Euro remained in range as risk-off sentiment dominated markets and investors reassessed the global economic outlook.
ECB’s Kazaks signaled that rate reductions may soon come to an end, provided inflation aligns with the 2% target as projected.
The European Central Bank is widely expected to continue cutting interest rates in June
GBPINR
SELL GBPINR MAY @ 114 SL 114.3 TGT 113.7-113.4.
Observations
GBPINR trading range for the day is 113.46-115.02.
GBP strengthened as investors turned optimistic ahead of key UK economic data and a major political breakthrough with the EU.
The UK and EU reached a landmark agreement to reset post-Brexit relations.
Markets are closely watching Thursday’s flash PMI figures, which are expected to show a smaller contraction in manufacturing.
JPYINR
SELL JPYINR MAY @ 58.6 SL 58.8 TGT 58.4-58.2.
Observations
JPYINR trading range for the day is 58.86-59.28.
JPY strengthened as the US dollar weakened following Moody’s credit rating downgrade.
BOJ’s Shinichi Uchida said the central bank will continue to raise interest rates if economic growth re-accelerates.
Japan’s economy contracted in the first quarter of 2025, with GDP marking its first economic contraction in a year.
