Sell USDINR May @ 83.6 SL 83.75 TGT 83.45-83.3. - Kedia Advisory
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USDINR
Observation
* USDINR trading range for the day is 83.51-83.63.
* Rupee settled flat as markets assessed the hawkish outlook for the RBI against the rising demand for Indian sovereign bonds.
* India Ratings has revised India's GDP growth estimate for FY25 upwards to 7.1 per cent.
* India's services sector shows strongest growth rates in around 14 years: PMI data
SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.
EURINR
Observation
EURINR trading range for the day is 89.69-90.07.
Euro steadied as hopes that Fed could start lowering interest rates soon lifted sentiment globally.
Germany's trade surplus increased to EUR 22.3 billion in March 2024 from EUR 21.4 billion in the previous month
Factory orders in Germany declined 0.4% month-over-month in March 2024
SELL EURINR MAY @ 90 SL 90.2 TGT 89.8-89.6
GBPINR
Observation
GBPINR trading range for the day is 104.56-105.06.
GBP falls back as focus shifts towards BoE monetary policy decision
UK interest rates are expected to remain steady at 5.25% for a straight sixth time after Thursday’s BoE meeting.
Investors see the BoE beginning to reduce interest rates from August.
SELL GBPINR MAY @ 104.8 SL 105 TGT 104.6-104.4.
JPYINR
Observation
JPYINR trading range for the day is 54.01-54.49.
JPY depreciated even after Masato Kanda said the government stands ready to combat disorderly, speculative-driven foreign exchange moves.
Japan Services PMI was revised lower to an eight-month high of 54.3 from a preliminary estimate's 11-month high of 54.6 in April 2024.
The au Jibun Bank Japan Composite PMI was revised lower to 52.3 in April 2024 from a flash figure of 52.6.
SELL JPYINR MAY @ 54.3 SL 54.5 TGT 54.1-53.9.
