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 85.16-85.98.
Rupee fell weighed down by persistent interbank dollar demand
President Donald Trump said that India had offered a zero-tariff trade deal to the United States.
The dollar-rupee overnight swap rate dipped, pointing to heightened demand for cash dollars, which typically indicates a pick up in outflows
EURINR
SELL EURINR MAY @ 96 SL 96.2 TGT 95.75-95.5.
Observations
EURINR trading range for the day is 95.62-96.32.
Euro settled flat amid growing investor caution over US-China trade negotiations.
Money markets now price the ECB’s deposit facility rate at 1.79% by year-end, up from 1.67% late Friday.
Markets are almost fully pricing in a 95% chance of a rate cut in June, as policymakers aim to bolster growth amid rising US tariffs.
GBPINR
SELL GBPINR MAY @ 114 SL 114.3 TGT 113.7-113.4.
Observations
GBPINR trading range for the day is 113.51-114.11.
GBP steadied stronger-than-expected GDP data signaled resilience in the UK economy.
The British economy grew by 0.2% month-over-month in March 2025, just ahead of a major tax hike on employers.
Labor productivity in the United Kingdom, measured as output per hour worked, rose by 0.2% in the first quarter of 2025
JPYINR
SELL JPYINR MAY @ 58.6 SL 58.8 TGT 58.4-58.2.
Observations
JPYINR trading range for the day is 58.33-59.09.
JPY appreciated as persistent global trade uncertainties pressured the dollar.
Investors are closely monitoring developments in the US-Japan trade talks, with Tokyo aiming to finalize a deal by June.
Prime Minister Shigeru Ishiba emphasized that Japan would not agree to an initial deal that omits provisions on automobiles
