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 83.46-83.62.
Rupee closed little changed as dollar demand from custodian banks eroded the local unit's early gains.
India Ratings has revised India's GDP growth estimate for FY25 upwards to 7.1 per cent.
Dollar-rupee forward premiums inched up with the 1-year implied yield up 2 basis points at 1.70%, its highest level in nearly two weeks.
SELL USDINR MAY @ 83.6 SL 83.75 TGT 83.45-83.3.
EURINR
Observation
EURINR trading range for the day is 89.1-90.14.
Euro dropped due to hawkish sentiment surrounding the Fed’s policy stance.
Fed officials indicated the likelihood of the Fed maintaining the higher rates for a longer period.
ECB may begin reducing borrowing costs as early as June.
BUY EURINR MAY @ 89.6 SL 89.4 TGT 89.85-90.05.
GBPINR
Observation
GBPINR trading range for the day is 104.06-104.52.
GBP fell slightly after the Bank of England left interest rates steady as expected.
Economic projections foresee a decline in Bank Rate from 5.25% to 3.75% by the end of the forecast period.
UK consumer spending softens in April, surveys show
BUY GBPINR MAY @ 104.2 SL 104 TGT 104.45-104.65.
JPYINR
Observation
JPYINR trading range for the day is 53.59-54.09.
JPY steadied as investors reacted to the summary of the Bank of Japan’s April policy meeting
The Bank of Japan said the economy is expected to grow above potential growth rate as a virtuous cycle from income to spending intensifies
Average cash earnings in Japan increased by 0.6% year-on-year in March 2024
BUY JPYINR MAY @ 53.5 SL 53.3 TGT 53.7-53.9.
