Sell USDINR Apr @ 83.4 SL 83.5 TGT 83.3-83.2 - Kedia Advisory
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USDINR
Observations
USDINR trading range for the day is 83.22-83.44.
Rupee remained in range lifted by a hawkish RBI and selling pressure for US Treasuries.
RBI signaled that upside risks to inflation due to uncertain agricultural conditions may force a prolonged period of peak rates.
RBI’s foreign exchange reserves touched a new record high of $645.58 billion in the week ended March 29.
SELL USDINR APR @ 83.4 SL 83.5 TGT 83.3-83.2.
EURINR
Observations
EURINR trading range for the day is 90.1-90.52.
Euro remained in range with investors adopting a cautious stance ahead of a week filled with pivotal events
German industrial production rose by 2.1% month-over-month in February 2024
Exports from Germany dropped 2% month-on-month to EUR 132.9 billion in February 2024
SELL EURINR APR @ 90.5 SL 90.7 TGT 90.3-90.1.
GBPINR
Observation
GBPINR trading range for the day is 105.08-105.38.
GBP seen slightly under pressure on firm BoE rate cut expectations.
Diminished speculation for the Fed pivoting to rate cuts in June provides support to the US Dollar.
This week, the US Inflation data will significantly impact Fed rate cut expectations
SELL GBPINR APR @ 105.5 SL 105.801 TGT 105.2-105.
JPYINR
Observations
JPYINR trading range for the day is 54.67-55.79.
JPY dropped amid Bank of Japan's (BoJ) cautious approach towards further policy tightening
Japan’s current account surplus increased to JPY 2,644.2 billion in February 2024
The BoJ’s cautious stance, softer domestic data and a positive risk tone undermine the safe-haven JPY
BUY JPYINR APR @ 54.8 SL 54.6 TGT 55.05-55.25.
