SELL USDINR MAY @ 85.65 SL 85.75 TGT 85.55-85.45. - Kedia Advisory
USDINR
SELL USDINR MAY @ 85.65 SL 85.75 TGT 85.55-85.45.
Observations
USDINR trading range for the day is 85.45-85.79.
Rupee ends flat as strong foreign bank dollar demand offsets U.S. dollar drop
Dollar-rupee forward premiums dipped, as U.S. bond yields stuck to their recent uptrend.
Traders will keep an eye on remarks from Fed, news flow from the ongoing G7 meetings and developments on a U.S. tax-cut bill.
EURINR
SELL EURINR MAY @ 97.2 SL 97.5 TGT 96.9-96.7.
Observations
EURINR trading range for the day is 96.66-97.42.
Euro gains as dollar dropped amid concerns over the US economic and fiscal outlook.
Euro zone consumer confidence rose by 1.4 points in May from the April number.
The euro zone's current account surplus surged in March on higher goods exports.
GBPINR
SELL GBPINR MAY @ 115.1 SL 115.4 TGT 114.8-114.5.
Observations
GBPINR trading range for the day is 114.39-115.49.
GBP rose as traders scaled back expectations for further BoE rate cuts following hotter-than-expected inflation data.
Annual inflation accelerated to 3.5%, the highest since January 2024, surpassing both the 3.3% forecast.
Services inflation, jumped to 5.4% from 4.7%, signaling persistent underlying pressures.
JPYINR
SELL JPYINR MAY @ 59.8 SL 60 TGT 59.6-59.4.
Observations
JPYINR trading range for the day is 59.45-59.83.
JPY strengthened as investors digested Japan’s trade data while awaiting developments from the G7 meeting.
Japan's trade deficit decreased significantly to JPY 115.85 billion in April 2025 from JPY 504.69 billion in the same month a year earlier
The Reuters Tankan index for Japanese manufacturers edged down to 8 in May 2025 from an eight-month high of 9 in April
