SELL GBPINR JUN @ 129.25 SL 129.5 TGT 128.8-128.5 - Kedia Advisory
USDINR
SELL USDINR JUN @ 96.1 SL 96.3 TGT 95.9-95.7.
Observations
USDINR trading range for the day is 95.79-96.25.
Rupee had a muted day, with traders keeping an eye on gyrations in oil prices alongside signs of the central bank's presence.
India's central bank has likely been rolling over maturities of forwards to tenors of more than one year via swaps over the last few days.
Goldman Sachs raised its inflation forecast and now expects two more RBI rate hikes this year.
EURINR
SELL EURINR JUN @ 112.1 SL 112.4 TGT 111.8-111.5.
Observations
EURINR trading range for the day is 111.76-112.26.
Euro steadied amid optimism over a potential US-Iran peace deal and reduced expectations for ECB rate hikes.
Money markets now expect the ECB deposit rate to reach 2.6% by December, up from the current 2% but below last week’s 2.75% projection.
ECB’s Schnabel told the central bank should still raise interest rates in June even if a peace deal is reached, citing the scale and persistence of the energy shock.
GBPINR
SELL GBPINR JUN @ 129.25 SL 129.5 TGT 128.8-128.5.
Observations.
GBPINR trading range for the day is 128.96-129.54.
GBP pressure seen as escalating US-Iran tensions reignited inflation concerns.
UK shop price inflation increased 1.2% year-on-year in May 2026, up from 1.0% in April, which had marked the softest growth in four months.
UK economic data revealed contractions in private sector activity during May, alongside cooling inflation and a softer labor market.
JPYINR
SELL JPYINR JUN @ 60.6 SL 60.8 TGT 60.4-60.2.
Observations
JPYINR trading range for the day is 60.35-60.71.
JPY dropped after Bank of Japan Governor Kazuo Ueda warned about mounting inflation risks
BOJ's Ueda warns of potential for temporary energy shock to become persistent
BOJ Deputy Governor Ryozo Himino reiterated that the central bank remains committed to additional rate hikes
