SELL USDINR APR @ 93 SL 93.2 TGT 92.8-92.6. - Kedia Advisory
USDINR
SELL USDINR APR @ 93 SL 93.2 TGT 92.8-92.6.
Observations
USDINR trading range for the day is 92.5-93.44.
Rupee strengthened, supported by measures from the Reserve Bank of India to curb oil-related dollar demand.
Broader measures, including tighter FX position limits for banks and restrictions on offshore-linked hedging activity, helped curb speculative pressure and support the currency
Additionally, foreign investors turned net buyers in Indian equities, with inflows of around INR 3.8 billion helping underpin sentiment.
EURINR
SELL EURINR APR @ 109.8 SL 110.1 TGT 109.4-109.
Observations
EURINR trading range for the day is 108.99-110.63.
Euro dropped as investors stayed cautious amid ongoing developments in the Middle East and potential progress in US–Iran negotiations.
ECB policymakers acknowledged that the war in the Middle East had made the outlook significantly more uncertain, creating upside risks for inflation and downside risks for growth.
Euro Area’s annual inflation rate was revised higher to 2.6% in March 2026, the highest level since July 2024, up from a preliminary estimate of 2.5%.
GBPINR
BUY GBPINR APR @ 125.9 SL 125.2 TGT 125.5-125.1.
Observations
GBPINR trading range for the day is 125.01-126.41.
GBP dropped as traders scaled back expectations for a BOE rate hike, supported by growing optimism that the Middle East conflict may be nearing an end.
Policymakers have signaled no urgency to tighten policy, with Governor Andrew Bailey saying it is too early to assess the war’s impact.
Policymaker Megan Greene said markets were right to dial back aggressive rate hike expectations.
JPYINR
SELL JPYINR APR @ 58.6 SL 58.8 TGT 58.4-58.2.
Observations
JPYINR trading range for the day is 58.28-59.12.
JPY dropped after BOJ Governor Ueda offered no clear guidance on interest rates ahead of the central bank’s upcoming policy meeting.
Ueda highlighted the difficult balancing act facing policymakers, citing upside risks to inflation alongside downside risks to economic growth.
The BOJ is widely expected to raise its inflation forecasts at this month’s meeting, reflecting elevated energy costs.
