SELL EURINR MAY @ 111.3 SL 111.6 TGT 111-110.7.
USDINR
SELL USDINR MAY @ 95.4 SL 95.6 TGT 95.2-95.
Observations
USDINR trading range for the day is 94.83-95.69.
Rupee strengthened as sentiment improved on easing crude oil prices and supportive remarks from the Reserve Bank of India.
Support for the rupee increased after Brent crude prices fell below $100 per barrel for the first time in over two weeks.
Sentiment was further boosted after Sanjay Malhotra stated that the RBI would do “whatever is required” to ensure orderly forex market movements.
EURINR
SELL EURINR MAY @ 111.3 SL 111.6 TGT 111-110.7.
Observations
EURINR trading range for the day is 110.5-111.86.
Euro dropped amid Rupee weakness after support seen as investors cheered progress in US-Iran negotiations.
President Donald Trump said a memorandum of understanding between the two nations had been "largely negotiated" and would reopen the Strait of Hormuz.
PMI data revealed the Eurozone economy contracted in May at its fastest pace since late 2023.
GBPINR
SELL GBPINR MAY @ 128.8 SL 129.2 TGT 128.4-128.
Observations
GBPINR trading range for the day is 128.06-129.12.
GBP gains as investors welcomed progress in US-Iran negotiations and scaled back BOE rate hike.
US Trump stated that a memorandum of understanding between the two nations had been "largely negotiated" and would reopen the Strait of Hormuz.
Investors now await speeches from BoE policymakers later this week for monetary policy signals.
JPYINR
SELL JPYINR MAY @ 60.2 SL 60.4 TGT 60-59.8.
Observations
JPYINR trading range for the day is 60.02-60.32.
JPY steadied as declining oil prices and a softer US dollar supported the currency amid signs that the US and Iran were moving closer to a deal.
Japan’s core inflation rate slowed to a four-year low in April, reducing pressure on the Bank of Japan to tighten monetary policy in the near term.
A full reopening of the key shipping route would offer relief to major Asian economies heavily reliant on Middle Eastern oil imports.
