SELL USDINR MAY @ 85.6 SL 85.75 TGT 85.45-85.35. - Kedia Advisory
USDINR
SELL USDINR MAY @ 85.6 SL 85.75 TGT 85.45-85.35.
Observations
USDINR trading range for the day is 85.08-86.22.
Rupee gained amid intervention by the central bank after prices dropped as the conflict between India and Pakistan intensified.
The 1-month dollar-rupee non-deliverable forwards climbed to their highest in a month.
India's forex reserves experienced a decrease of USD 2.065 billion, settling at USD 686.064 billion
EURINR
SELL EURINR MAY @ 96.4 SL 96.6 TGT 96.2-96.
Observations
EURINR trading range for the day is 96.06-96.7.
Euro remained under pressure as investors assess the potential impact of tariff hikes on the global economic outlook.
Euro zone investor index recovers in May after Trump tariffs hit
Money markets are pricing the ECB’s deposit facility rate at 1.6% by year-end, reflecting the ECB’s signals.
GBPINR
SELL GBPINR MAY @ 113.75 SL 114 TGT 113.3-113.1.
Observations
GBPINR trading range for the day is 113.17-113.99.
GBP dropped as dollar index climbed amid improving global trade sentiment and fading expectations of imminent rate cuts
Bank of England's Bailey says global environment likely to stay challenging
The Bank of England cut its main interest rate by 0.25 percentage points to 4.25%, despite an unexpected three-way split.
JPYINR
SELL JPYINR MAY @ 59 SL 59.3 TGT 58.7-58.5.
Observations
JPYINR trading range for the day is 58.76-59.48.
JPY weakened as the US dollar gained ground amid improving global trade sentiment.
Personal spending in Japan rose more than expected in March, offering a positive signal for consumption.
Japan’s foreign reserves increased by $25.74 billion to $1.3 trillion in April 2025, hitting the highest level since mid-2022.
