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USDINR

Observations

USDINR trading range for the day is 83.37-83.67.

Rupee ended lower pressured by month-end dollar demand from importers

Intervention from the Reserve Bank of India and the ebbing of concerns about an escalation in the Middle East conflict.

Delayed expectations of when the U.S. Federal Reserve will begin easing policy rates have weighed on emerging market assets

SELL USDINR MAY @ 83.55 SL 83.65 TGT 83.45-83.35.

EURINR

Observations

EURINR trading range for the day is 89.2-89.64.

Euro steadied as investors eagerly anticipated Germany's inflation data for April.

BoE Governor Andrew Bailey expects a sharp drop in April’s inflation.

Bank of England officials suggested the central bank was becoming more confident that UK inflation is subsiding

SELL EURINR MAY @ 89.6 SL 89.8 TGT 89.4-89.2.

GBPINR

Observation

GBPINR trading range for the day is 104.29-104.61.

GBP steadied with investors digesting a slew of US economic data and parsing through mixed signals from Bank of England policymakers.

BoE policymakers have remained worried about high service inflation.

UK annual service inflation is at 6%, higher than what is required to be consistent for bringing down inflation to the 2% target.

SELL GBPINR MAY @ 104.85 SL 105.05 TGT 104.6-104.4

JPYINR

Observations 

JPYINR trading range for the day is 51.84-55.

JPY gains with traders on high alert for signs of intervention by Japanese authorities to boost the currency.

BoJ left its short-term interest rates unchanged and indicated that inflation was on track to hit the 2% target in coming years

BoJ Governor Kazuo Ueda offered few clues on when the next rate hike will come and ruled out shifting to a full-fledged reduction in the bond purchases

SELL JPYINR MAY @ 53.8 SL 54 TGT 53.6-53.4.