Sell USDINR MAY @ 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 83.24-83.6.
Rupee closed higher aided by likely intervention from RBI and broad-based interbank dollar sales.
Indian economy projected to expand at 6.6% in FY25, says Moody's
India's unemployment rate dips to 6.7% in March quarter
SELL USDINR MAY @ 83.4 SL 83.5 TGT 83.3-83.2
EURINR
Observations
EURINR trading range for the day is 90.07-90.97.
Euro dropped after ECB's Schnabel calls for caution in rate cuts beyond June
Annual inflation rate in the Euro Area was confirmed at 2.4% in April of 2024, the same as in March
Market forecasts show 68 basis points (bps) of ECB rate cuts and 46 bps for the Fed in 2024.
BUY EURINR MAY @ 90..50 SL 90.7 TGT 90.3-90.1.
GBPINR
Observation
GBP surged due to a weaker dollar after softer US inflation data reinforced the view that the Fed will deliver its first rate cut in September
GBP dropped after multiple Fed officials hinted at the possibility of keeping interest rates elevated for an extended period.
The UK employment data showed job market conditions deteriorated for the third consecutive month.
The possibility of a rate cut by the BoE in June has risen to 50%, with traders anticipating two quarter-point cuts by year-end.
SELL GBPINR MAY @ 106 SL 106.3 TGT 105.7-105.5.
JPYINR
Observations
JPYINR trading range for the day is 53.38-53.94.
JPY weakened facing renewed pressure after BOJ left its bond buying amounts the same as the previous operation.
BOJ Governor Kazuo Ueda also said he has no immediate plan to sell the central bank’s ETF holdings.
Japan’s economy contracted at an annualized 2% in the first quarter of 2024
SELL JPYINR MAY @ 53.65 SL 53.85 TGT 53.45-53.25.
