Sell USDINR Apr @ 83.7 SL 83.9 TGT 83.5-83.35 - Kedia Advisory
USDINR
Observations
USDINR trading range for the day is 83.03-84.13.
Rupee fell to a record low pressured by a drop in the offshore Chinese yuan and strong local dollar demand.
Robust US economic data and rising demand for US shares boosted dollar demand for Asian markets
India Manufacturing PMI increased to 59.2 in March 2024 from a final 56.9 in the previous Month.
SELL USDINR APR @ 83.7 SL 83.9 TGT 83.5-83.35.
EURINR
Observations
EURINR trading range for the day is 90.12-90.94.
Euro dropped as dollar gained underpinned by bets that other major central banks could start cutting interest rates earlier than the Federal Reserve.
ECB President Lagarde reiterated that June is the month in which policymakers will consider lowering interest rates.
HCOB's latest PMI survey revealed that the Eurozone Manufacturing PMI arrived at 45.7 in March.
SELL EURINR APR @ 90.7 SL 90.9 TGT 90.5-90.3.
GBPINR
Observations
GBPINR trading range for the day is 104.79-105.79.
GBP dropped after BOE kept the interest rate steady as expected but the calls for a rate hike diminished.
The GfK Consumer Confidence indicator in the United Kingdom unexpectedly posted at -21 in March 2024
UK inflation drop fuels June BoE rate cut bets.
SELL GBPINR APR @ 105.5 SL 105.8 TGT 105.2-105.
JPYINR
Observations
JPYINR trading range for the day is 55.27-55.81.
JPY steadied amid speculations that Japanese authorities will intervene in the markets.
The uncertainty over the BoJ’s future policy steps keeps a lid on any meaningful upside.
The core consumer price index in Japan, rose 2.8% YoY in February 2024, accelerating from a 2% gain in January.
SELL JPYINR APR @ 55.7 SL 55.9 TGT 55.5-55.3.
