SELL USDINR MAY @ 84.7 SL 84.9 TGT 84.5-84.3 - Kedia Advisory
USDINR
SELL USDINR MAY @ 84.7 SL 84.9 TGT 84.5-84.3.
Observations
USDINR trading range for the day is 83.6-85.2.
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 @ 96.1 SL 96.3 TGT 95.8-95.6.
Observations
EURINR trading range for the day is 94.63-96.89.
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 111.11-113.83.
GBP remains under pressure amid growing dovish expectations for the BoE’s upcoming policy stance.
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 57.67-59.67.
JPY dropped weighed down by easing safe-haven demand amid progress in US-China trade relations.
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.
