SELL EURINR MAY @ 96.8 SL 97 TGT 96.5-96.3. - Kedia Advisory
USDINR
BUY USDINR MAY @ 85.6 SL 85.4 TGT 85.8-86.
Observations
USDINR trading range for the day is 84.11-86.65.
Rupee weakened sharply to log its steepest fall in more than two years amid the ongoing India-Pakistan conflict
Dollar-rupee forward premiums also jumped with the 1-year implied yield rising 16 basis points to a near one-month high of 2.34%.
The rupee's 1-month implied volatility, a gauge of future expectations, rose to an over two-year high of 6.3%.
EURINR
SELL EURINR MAY @ 96.8 SL 97 TGT 96.5-96.3.
Observations
EURINR trading range for the day is 95.45-97.67.
Euro rose as weakness in Rupee supported after strikes between Pakistan and India risked a war between both countries.
Germany's trade surplus increased to EUR 21.1 billion in March 2025 from an upwardly revised EUR 18.0 billion in February.
Germany’s industrial production jumped 3.0% month-over-month in March 2025, rebounding from a 1.3% decline.
GBPINR
SELL GBPINR MAY @ 113.8 SL 114.1 TGT 113.5-113.2.
Observations
GBPINR trading range for the day is 112.39-114.87.
GBP rose amid Rupee weakness due to escalation in the conflict between India and Pakistan.
Bank of England cut its key interest rate by 25 basis points, as widely expected but struck a more hawkish tone.
UK Official confirms Trump expected to announce US deal outline
JPYINR
SELL JPYINR MAY @ 59.6 SL 59.8 TGT 59.4-59.2.
Observations
JPYINR trading range for the day is 58.92-59.72.
JPY dropped on profit booking after prices gained as heightened global trade uncertainty lifted demand for safe-haven assets.
Bank of Japan policymakers were divided in March over how soon the central bank should raise interest rates again
Markets also monitored developments in US-Japan trade talks, with Tokyo aiming to finalize a bilateral agreement by June.
