Sell JPYINR May @ 54.2 SL 54.4 TGT 54-53.8 - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
USDINR
Observation
USDINR trading range for the day is 83.5-83.62.
Rupee closed flat as expectations that the Reserve Bank of India would likely intervene to cap a sharp weakness.
Dollar-rupee forward premiums inched up with the 1-year implied yield up 2 basis points at 1.70%, its highest level in nearly two weeks.
India Ratings has revised India's GDP growth estimate for FY25 upwards to 7.1 per cent.
SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.
EURINR
Observation
EURINR trading range for the day is 89.61-90.11.
Euro dropped reflecting a cautious mood in global markets as investors continued to assess the economic and interest rate outlook.
German industrial production declined by 0.4% month-over-month in March 2024
Eurozone Retail Sales marked the most significant increase in March since September 2022
SELL EURINR MAY @ 89.9 SL 90.1 TGT 89.7-89.5.
GBPINR
Observation
GBPINR trading range for the day is 103.96-104.94.
GBP dropped before the BOE’s policy announcement as markets moved to fully price in two quarter-point rate cuts this year.
Fed’s Kashkari said it’s too early to declare that inflation has stalled out, and they might cut rates this year if inflation eases.
The BoE is expected to leave the interest rate unchanged at 5.25% at its May meeting on Thursday.
BUY GBPINR MAY @ 104.2 SL 103.9 TGT 104.5-104.7.
JPYINR
Observation
JPYINR trading range for the day is 53.78-54.36.
JPY dropped even as Japanese authorities continued to warn markets against extreme currency moves.
Finance Minister Suzuki reiterated a warning that authorities stand ready to respond to excessive foreign exchange volatility
Bank of Japan Governor Kazuo Ueda said they will study the impact of yen moves on inflation to guide policy decisions.
SELL JPYINR MAY @ 54.2 SL 54.4 TGT 54-53.8.
