SELL JPYINR MAY @ 60.9 SL 61.1 TGT 60.7-60.5 - Kedia Advisory
USDINR
BUY USDINR MAY @ 96.4 SL 96.2 TGT 96.65-96.85.
Observations
USDINR trading range for the day is 96.15-96.91.
Rupee fell to a lifetime low weighed by intensifying external pressures, with the protracted Iran conflict driving a sustained surge in oil prices.
The merchandise trade deficit widened to $28.38 billion in April, driven largely by a surge in crude oil imports to a six-month high.
April wholesale inflation accelerated to its highest level in three-and-a-half years, underscoring the pass-through of higher energy costs.
EURINR
SELL EURINR MAY @ 112.5 SL 112.8 TGT 112-111.7.
Observations
EURINR trading range for the day is 111.97-112.73.
Euro steadied as investors assessed Middle East conflict developments, dampening economic growth.
Market expectations for ECB tightening have moderated slightly, though traders still price in an 80% chance of a 25-basis-point rate hike next month.
Recent data underscored the challenges: Eurozone growth slowed to 0.1% in Q1 2026, the weakest since Q2 2025.
GBPINR
SELL GBPINR MAY @ 129.7 SL 130 TGT 129.4-129.
Observations
GBPINR trading range for the day is 128.93-129.91.
GBP gains amid Rupee weakness after pressure as investors processed disappointing UK jobs data and tracked developments in the Middle East conflict.
The number of payrolled employees in the UK declined by 100 thousand, or 0.3% to 30.2 million in April 2026, following a revised 28 thousand fall in March.
The UK unemployment rate rose to 5.0% in the three months to March 2026, above expectations and February’s 4.9%.
JPYINR
SELL JPYINR MAY @ 60.9 SL 61.1 TGT 60.7-60.5.
Observations
JPYINR trading range for the day is 60.71-60.71.
JPY steadied amid stronger-than-expected economic growth data.
Japan’s economy expanded 0.5% quarter-on-quarter in the first quarter, accelerating from 0.2% in Q4
Japan’s economy advanced at an annualized pace of 2.1% in Q1 2026, picking up from a downwardly revised 0.8% growth in Q4.
