SELL USDINR MAY @ 84.5 SL 84.7 TGT 84.3-84.2 - Kedia Advisory
USDINR
SELL USDINR MAY @ 84.5 SL 84.7 TGT 84.3-84.2
Observations
USDINR trading range for the day is 83.6-85.7.
Rupee strengthens on optimism over a potential US-India trade deal.
China signals openness to trade talks with the US, boosting global sentiment.
Rising India-Pakistan tensions could pose downside risk to the rupee.
EURINR
SELL EURINR MAY @ 96 SL 96.25 TGT 95.7-95.5.
Observations
EURINR trading range for the day is 95.51-96.19.
Euro dropped as the dollar found support amid growing optimism that trade tensions may ease.
The Eurozone economy grew by a better-than-expected 0.4%, buoyed by strong domestic demand.
German headline inflation eased to 2.1% in April, though core inflation ticked higher.
GBPINR
SELL GBPINR MAY @ 112.6 SL 112.9 TGT 112.3-112
Observations
GBPINR trading range for the day is 111.83-112.91.
GBP recovered as markets awaited BOE policy decision, with a 25bps cut as widely anticipated.
S&P Global revealed that the UK’s manufacturing activity contracted for the seventh straight month in April.
Traders are now pricing in a 25 basis point rate cut at the BoE's upcoming policy meeting on May 8.
JPYINR
SELL JPYINR MAY @ 59.2 SL 59.4 TGT 59-58.8.
Observations
JPYINR trading range for the day is 58.52-59.32.
JPY recovered as the greenback weakened amid persistent global trade uncertainties.
Japan and the U.S. concluded a second round of bilateral trade talks this week, with Tokyo aiming to finalize an agreement by June.
Japan’s unemployment rate edged up to 2.5% in March, though the labor market remained relatively tight.
