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 83.49-83.59.
Rupee settled flat as expectations of the central bank's intervention blunted the pressure of dollar demand.
Overseas investors have pulled out nearly $2 billion from Indian equities in May so far, contributing to pressure on the rupee.
U.S. inflation data will be in focus as investors gauge when the Federal Reserve may begin to ease policy rates.
SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3
EURINR
Observation
EURINR trading range for the day is 89.58-90.2.
Euro strengthened as investors reconsider expectations for interest rate cuts by key central banks.
A sharp decline in the Eurozone inflation has allowed ECB policymakers to consider that prospect.
European Central Bank is projected to initiate rate cuts in their upcoming meeting on June 6.
SELL EURINR MAY @ 90.15 SL 90.35 TGT 89.9-89.7.
GBPINR
Observation
GBPINR trading range for the day is 104.16-104.8.
GBP gains as traders react to strong economic data and assess whether it will affect the monetary policy outlook.
The UK economy emerged from recession with a robust 0.6% growth in Q1 2024, beating expectations.
The Bank of England now projects a 0.5% expansion for the year, up from the earlier forecast of 0.25% in February
SELL GBPINR MAY @ 104.7 SL 105 TGT 104.4-104.2.
JPYINR
Observation
JPYINR trading range for the day is 53.25-54.15
JPY steadied after the verbal intervention and the hawkish comment from the BOJ’s Governor Kazuo Ueda.
BoJ Governor Kazuo Ueda said that the central bank will scrutinize the JPY's recent weakness in guiding monetary policy
Japan services sentiment falls to near 2-year low
BUY JPYINR MAY @ 53.5 SL 53.3 TGT 53.7-53.9.
