BuyJpyinr Apr @ 53.8 SL 53.6 TGT 54-54.2 -Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 80.12-85.1.
Rupee slightly higher supported by a drop in oil prices and possible dollar inflows.
Fed’s Goolsbee became the latest policymaker to signal a longer timeline for interest rate cuts because progress on inflation has "stalled".
India’s forex reserves contracted by $5.4 billion to $643.16 billion as of April 12.
SELL USDINR APR @ 83.45 SL 83.55 TGT 83.35-83.25.
EURINR
Observations
EURINR trading range for the day is 88.62-89.16.
Euro remained in range as investors awaited flash PMI figures from Europe's largest economies.
Euro zone inflation is likely to decline further and ECB may cut interest rates if its long-standing price growth criteria are met.
The consumer price inflation rate in the Euro Area was confirmed at 2.4% year-on-year in March 2024
BUY EURINR APR @ 88.75 SL 88.55 TGT 88.95-89.1
GBPINR
Observation
GBPINR trading range for the day is 102.2-103.92.
GBP dropped influenced by geopolitical risks and statements from major central banks.
Bank of England's Deputy Governor comments on inflation risks fail to support Sterling as it hits new lows.
Mixed economic data from the UK with stagnant retail sales in March, contrasting with modest annual growth.
BUY GBPINR APR @ 102.8 SL 102.5 TGT 103.1-103.3
JPYINR
Observations
JPYINR trading range for the day is 53.76-54.08.
JPYINR MAY-APR 0.7225 BUY JPYINR APR @ 53.8 SL 53.6 TGT 54-54.2. JPY dropped amid the BoJ’s uncertain policy outlook.
BOJ's Ueda says 'very likely' to hike rates if inflation keeps rising
The annual inflation rate in Japan ticked lower to 2.7% in March 2024 from February's 3-month peak of 2.8%
BUY JPYINR APR @ 53.8 SL 53.6 TGT 54-54.2.
