SELL JPYINR MAY @ 59.5 SL 59.7 TGT 59.3-59.1 - Kedia Advisory
USDINR
SELL USDINR MAY @ 85.45 SL 85.6 TGT 85.3-85.2.
Observations
USDINR trading range for the day is 85.01-85.65.
Rupee weakened with traders pointing to month-end dollar payments from importers that weighed.
Fiscal deficit of govt to ease by 20 to 30 bps to 4.2% of GDP by RBI's bumper dividend: SBI
India's forex reserves experienced a decrease of USD 4.888 billion, settling at USD 685.729 billion
EURINR
SELL EURINR MAY @ 97 SL 97.3 TGT 96.7-96.5.
Observations
EURINR trading range for the day is 96.56-97.42.
Euro steadied as Germany’s GfK consumer confidence improved, while inflation in France unexpectedly eased to 0.7%.
Traders continue to monitor trade tensions, welcoming Trump's decision to postpone a planned 50% tariff on EU imports until July 9th.
On the monetary policy front, the ECB is widely expected to cut interest rates at its June meeting, likely followed by a pause.
GBPINR
SELL GBPINR MAY @ 115.75 SL 116 TGT 115.45-115.25.
Observations
GBPINR trading range for the day is 115.35-116.05.
GBP gains driven by improved market sentiment after US President Donald Trump postponed 50% tariffs on the EU until July 9.
This delay boosted global risk appetite and supported the pound, which was already gaining on strong domestic data.
UK retail sales rose 1.2% in April, the fourth consecutive monthly increase, showing consumer resilience despite tax hikes and trade tensions.
JPYINR
SELL JPYINR MAY @ 59.5 SL 59.7 TGT 59.3-59.1.
Observations
JPYINR trading range for the day is 58.93-60.11.
JPY dropped on profit booking despite hawkish remarks from Bank of Japan Governor Kazuo Ueda.
Ueda signaled that the central bank stands ready to adjust its monetary policy stance as needed to achieve its sustainable inflation target.
Japan’s core inflation rate unexpectedly accelerated to 3.5%—its highest level in over two years—strengthening the case for further rate hikes.
