Sell JPYINR MAY @ 60.8 SL 61.2 TGT 60.4-60 - Kedia Advisory
USDINR
SELL USDINR MAY @ 95.4 SL 95.7 TGT 95.1-94.8.
Observations
USDINR trading range for the day is 95.23-95.65.
Rupee hitting fresh record lows after a brief period of stabilization, as renewed strength in global oil prices intensified pressure on the currency.
RBI is studying ways to mobilise dollar inflows to bolster its foreign exchange buffers and cushion rising pressure on the rupee.
UBS has revised its year-end forecast for the rupee to 96 per dollar, weaker than its earlier forecast of 94.
EURINR
SELL EURINR MAY @ 111.75 SL 112.15 TGT 111.4-111.1.
Observations
EURINR trading range for the day is 111.59-112.01.
Euro steadied as investors weighed Middle East tensions, new US tariffs, and rising expectations of an ECB rate hike as soon as June.
Officials Joachim Nagel, Madis Müller, and Peter Kazimir hinted at tightening in June, warning of persistent price pressures.
The number of people registering as jobless in Spain fell by 62.7K people from the previous month in April 2026, far exceeding market expectations
GBPINR
SELL GBPINR MAY @ 129.3 SL 129.6 TGT 128.8-128.5.
Observations
GBPINR trading range for the day is 129.03-129.57.
GBP steadied as investors turned their attention to Britain’s municipal elections on Thursday
UK new car sales rose by 24% year-over-year in April 2026, reaching 149,247 registrations, reflecting a rebound from a weak April 2025
Markets are pricing in nearly three quarter-point rate hikes from the Bank of England this year.
JPYINR
SELL JPYINR MAY @ 60.8 SL 61.2 TGT 60.4-60.
Observations
JPYINR trading range for the day is 60.43-61.15.
JPY steadied as the dollar rebounded on safe-haven demand amid renewed hostilities in the Middle East.
Escalating tensions in Middle East, bolstered expectations that Fed may need to raise interest rates to contain inflation.
Reports suggested Tokyo may have spent roughly $35 billion to support its currency, though officials have not confirmed any action.
