SELL USDINR APR @ 93.5 SL 93.7 TGT 93.3-93.1. - Kedia Advisory
USDINR
SELL USDINR APR @ 93.5 SL 93.7 TGT 93.3-93.1.
Observations
USDINR trading range for the day is 93.07-93.85.
Rupee gains supported by spillover effects of the central bank's recent actions.
Moody’s has slashed India’s economic growth estimates for the current fiscal to 6% from 6.8% earlier
India’s forex reserves drop $10.3 billion to $688 billion amid currency stabilisation efforts.
EURINR
SELL EURINR APR @ 108.5 SL 108.8 TGT 108.2-107.8.
Observations
EURINR trading range for the day is 107.8-109.3.
Euro dropped amid escalating uncertainty over the prolonged Iran conflict and rising oil prices.
US President Trump threatened Iran with severe consequences if it fails to reopen the Strait of Hormuz by Tuesday
Market expectations have shifted dramatically, with investors now anticipating three interest rate hikes in 2026.
GBPINR
SELL GBPINR APR @ 123.9 SL 124.2 TGT 123.5-123.2.
Observations
GBPINR trading range for the day is 123.58-124.54.
GBP dropped as uncertainty over the Iran conflict and surging oil prices weighed on markets.
The dollar remained supported as stronger-than-expected US jobs data last week further dampened expectations of Federal Reserve rate cuts.
Governor Andrew Bailey’s caution that markets may be overestimating the likelihood of tightening.
JPYINR
SELL JPYINR APR @ 59.3 SL 59.6 TGT 59-58.7.
Observations
JPYINR trading range for the day is 58.93-59.97.
JPY dropped as the intensifying Iran conflict and rising energy costs continued to weigh on the currency.
The IMF recommended that the BOJ continue gradually raising rates toward a neutral level to curb underlying inflation.
Market expectations point to more than a 70% chance of a Bank of Japan rate hike this month, with over two additional increases expected by year-end.
