SELL EURINR MAY @ 96.7 SL 96.9 TGT 96.4-96.2 - Kedia Advisory
USDINR
SELL USDINR MAY @ 85 SL 85.15 TGT 84.8-84.65.
Observations
USDINR trading range for the day is 84.4-85.28.
Rupee weakened as worries over an escalation in geopolitical conflict between India and Pakistan hit sentiment.
Moody's has reduced India's economic growth prediction for 2025 to 6.3 percent.
India's manufacturing sector experienced significant growth in April.
EURINR
SELL EURINR MAY @ 96.7 SL 96.9 TGT 96.4-96.2.
Observations
EURINR trading range for the day is 95.79-97.09.
Euro gains as eurozone has demonstrated relative economic resilience despite facing its own set of challenges.
Eurozone Construction PMI rose to 46 in April 2025 from 44.8 in March
Germany Construction PMI rose to 45.1 in April 2025 from 40.3 in March
GBPINR
SELL GBPINR MAY @ 113.5 SL 113.8 TGT 113.2-113.
Observations
GBPINR trading range for the day is 112.75-113.71.
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
SELL JPYINR MAY @ 59.6 SL 59.8 TGT 59.4-59.2.
Observations
JPYINR trading range for the day is 59.29-59.61.
JPY gained as sentiment buoyed by the PBOC’s announcement of rate cuts aimed at bolstering economic growth.
The au Jibun Bank Japan Services PMI was revised higher to 52.4 in April 2025 from 52.2 in the preliminary estimate
Traders also kept a close eye on progress in US-Japan trade negotiations, with Tokyo pushing to finalize a bilateral agreement by June.
