SELL GBPINR MAY @ 129.3 SL 129.6 TGT 129-128.7- Kedia Advisory
SELL USDINR MAY @ 96.6 SL 96.9 TGT 96.3-96.
Observations
USDINR trading range for the day is 95.77-96.77.
Rupee weakened to an all-time low, as oil prices neared $110 per barrel, intensifying economic challenges with strains emerging in key indicators.
India's merchandise trade deficit widened to $28.38 billion in April, as the Middle East conflict hindered shipments and disrupted energy imports.
India's retail inflation saw a slight increase to 3.48 percent in April, this rise was primarily due to higher food prices
EURINR
SELL EURINR MAY @ 112.4 SL 112.7 TGT 112-111.7.
Observations
EURINR trading range for the day is 111.6-112.86.
Euro gains as Rupee weakness support after pressure seen amid mounting evidence of economic damage from the Iran
Investors have ramped up bets on European Central Bank rate hikes, now fully pricing in three increases.
Euro Area GDP expanded by 0.8% from the previous year in the first quarter of 2026, the softest pace of expansion since the second quarter of 2024
GBPINR
SELL GBPINR MAY @ 129.3 SL 129.6 TGT 129-128.7.
Observations
GBPINR trading range for the day is 127.75-129.41.
GBP gains on Rupee weakness after pressure seen fueled by political uncertainty.
Adding to the pressure, inflation fears grew due to stalled negotiations between the US and Iran over reopening the Strait of Hormuz.
Market expectations now include nearly three Bank of England rate hikes this year
JPYINR
SELL JPYINR MAY @ 60.8 SL 61 TGT 60.6-60.4.
Observations
JPYINR trading range for the day is 60.66-60.74.
JPY gains as Rupee weakness supported despite pressure seen amid rising expectations that Fed may need to raise interest rates this year.
Japan’s machine tool orders surged by 45.1% year-on-year to JPY 188,971 million in April 2026, far exceeding market expectations.
US Treasury Secretary Scott Bessent expressed support for Japan’s recent efforts to stabilize the yen.
