SELL JPYINR MAY @ 60.6 SL 60.9 TGT 60.3-60 - Kedia Advisory
BUY USDINR MAY @ 95.7 SL 95.5 TGT 95.9-96.1.
Observations
USDINR trading range for the day is 95.44-96.24.
Rupee slipped as oil prices held above $100 per barrel, while dollar sales by state-run banks helped the currency avoid a record low.
Indian interest rate swap markets are currently pricing in about 90 bps worth of rate hikes over the next 12 months.
India raised petrol and diesel prices for the first time in four years by more than 3%
EURINR
SELL EURINR MAY @ 111.9 SL 112.3 TGT 111.6-111.3.
Observations
EURINR trading range for the day is 111.5-112.26.
Euro dropped as mounting inflation concerns strengthened expectations that major central banks may need to raise interest rates.
ECB’s Kazaks said that the central bank could be forced to tighten policy if higher oil prices begin feeding into inflation expectations.
Accelerating US inflation has also reinforced market bets on a Federal Reserve rate hike later this year.
GBPINR
SELL GBPINR MAY @ 128.5 SL 128.8 TGT 128.1-127.8.
Observations
GBPINR trading range for the day is 127.6-129.24.
GBP weakened after major resignations signaled a heating shuffle for the Prime Minister cargo.
UK economy expanded by 0.6% in Q1 2026, with annual growth reaching a stronger-than-expected 1.1%, driven by a surprising 0.3% rise in March
The UK trade deficit widened to £9.66 billion in March 2026, up from an upwardly revised £5.34 billion in the previous month.
JPYINR
SELL JPYINR MAY @ 60.6 SL 60.9 TGT 60.3-60.
Observations
JPYINR trading range for the day is 60.42-60.86.
JPY weakened pressured by broad dollar strength as accelerating US inflation reinforced expectations for Fed rate hike.
Bank of Japan board member Kazuyuki Masu argued that interest rates should be raised as soon as possible.
Japan’s producer prices rose 4.9% yoy in April 2026, accelerating from an upwardly revised 2.9% increase in the prior month.
