Sell GBPINR MAY @ 128.5 SL 128.8 TGT 128.1-127.8 - Kedia Advisory
USDINR
SELL USDINR MAY @ 94.5 SL 94.7 TGT 94.25-94.
Observations
USDINR trading range for the day is 93.29-95.51.
Rupee turned sharply higher boosted by a slump in crude oil prices, and dollar sales in the non-deliverable forward market.
India Services PMI was revised higher to 58.8 in April 2026 from the preliminary estimate of 57.9 and after March’s 13-month low of 57.5.
India’s Composite PMI registered 58.2 in April 2026, just shy of the flash estimate of 58.3 but higher than 57.0 in the previous month
EURINR
SELL EURINR MAY @ 111.2 SL 111.6 TGT 110.8-110.5.
Observations
EURINR trading range for the day is 110.54-112.06.
Euro dropped amid Rupee firmness after traders monitored developments in the US-Iran conflict, particularly whether Iran would accept the US proposal.
Germany’s factory orders surged 5.0% mom in March 2026, sharply accelerating from an upwardly revised 1.4% growth in the prior month.
Global Germany Construction PMI plunged to 42.1 in April 2026, a sharp drop from 48.0 in March and the lowest level since March 2025.
GBPINR
SELL GBPINR MAY @ 128.5 SL 128.8 TGT 128.1-127.8.
Observations
GBPINR trading range for the day is 127.67-129.65.
GBP dropped amid Rupee firmness amid optimism over a potential US-Iran agreement to end hostilities.
UK Services PMI was revised slightly higher to 52.7 in April 2026 from a flash estimate of 52, up from March's 11-month low of 50.5.
Markets now expect about 50 basis points of tightening, equivalent to two rate hikes, by the end of the year, down from earlier projections of up to three
JPYINR
SELL JPYINR MAY @ 60.5 SL 60.75 TGT 60.2-60.
Observations
JPYINR trading range for the day is 59.9-61.1.
JPY dropped amid Rupee firmness after support seen in moves markets largely attributed to suspected intervention from Tokyo.
The currency also drew support from a weaker US dollar, as expectations of a potential US-Iran agreement to end the war.
Many BOJ members saw a need for further rate hikes should the Iran war-driven energy shock persist and fuel broader inflation pressures.
