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* USDINR trading range for the day is 68.67-69.24.
* Rupee dropped as dollar gained on buying by nationalised banks likely on behalf of oil importers.
* The International Monetary Fund (IMF) said the greenback was overvalued by 6% to 12%, based on near-term economic fundamentals.
* The Fed is widely expected to lower interest rates by 25 basis points at its July 30-31 monetary policy meeting, with few expecting a larger 50 bps cut.
* RBI Reference Rate for USDINR was at 69.1713.
* BUY USDINR JUL 2019 @ 68.60 SL 68.48 TGT 68.75-68.85. NSE
* EURINR trading range for the day is 77.27-77.76.
* Euro traded in range as it was restrained by expectations of easing from the European Central Bank as early as next week.
* Eurozone construction output declined for the third straight month in May, data from Eurostat showed.
* Italy's industrial orders rose in May after falling in the previous month, figures from Istat showed.
* RBI Reference Rate for EURINR was at 77.7024.
* SELL EURINR JUL 2019 @ 78.00 SL 78.32 TGT 77.72-77.64. NSE
* GBPINR trading range for the day is 85.42-86.66.
* GBP gained after stronger-than-expected retail sales numbers and as traders betting against the currency took some profits following this week’s plunge
* With economic data also showing the UK economy struggling, putting more pressure on the Bank of England to ease monetary policy.
* The hard Brexit risk was boosted when both Johnson and Hunt said they would not accept the so-called Northern Irish backstop in Theresa May’s proposed Brexit agreement.
* RBI Reference Rate for GBPINR was at 90.4756.
* SELL GBPINR JUL 2019 @ 89.10 SL 89.45 TGT 88.85-88.65. NSE
* JPYINR trading range for the day is 63.66-64.32.
* JPY remained supported as the dollar slipped as risk aversion in the broader markets pushed benchmark U.S. yields to a nine-day low.
* Expectations have risen sharply that the Bank of Japan's next policy move will be to ease further.
* Japan posted a merchandise trade surplus of 589.5 billion yen in June, the Ministry of Finance said.
* RBI Reference Rate for JPYINR was at 62.52.
* SELL JPYINR JUL 2019 @ 63.40 SL 63.70 TGT 63.15-63.02. NSE
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