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USDINR

Observations

USDINR trading range for the day is 82.6-83.

Rupee remained in range amid dollar demand from importers and equity-related outflows

The US economy grew at an annualized rate of 2.1% in the second quarter of 2023

India's inflation rate will remain above the Reserve Bank of India's upper tolerance band of 6% at least until October.

SELL USDINR SEP @ 82.9 SL 83.08 TGT 82.72-82.58.

EURINR

Observations

EURINR trading range for the day is 89.87-90.47.

Euro seen supported as signs that the US economy may be cooling

The economic sentiment indicator in the Euro Area declined for the fourth consecutive month to 93.3 in August 2023

The consumer confidence indicator in the Euro Area was confirmed at -16 in August 2023

BUY EURINR SEP @ 90 SL 89.8 TGT 90.28-90.45.

GBPINR

Observations

GBPINR trading range for the day is 104.28-105.16.

GBP gains as markets continued to assess the likelihood of less-hawkish central banks.

Traders await comments by BOE’s Pill for more direction on the central bank's next move.

Traders are currently betting on a more than 90% chance of a 25 basis point hike from the Bank of England

BUY GBPINR SEP @ 104.7 SL 104.6 TGT 105.05-105.25.

JPYINR

Observations

JPYINR trading range for the day is 56.45-57.23.

JPY gains as softer-than-expected US economic data bolstered bets that Fed will likely hit the brakes on its interest rate hikes.

BOJ policymaker signals chance of policy tweak early next year

The consumer confidence index in Japan unexpectedly declined to 36.2 in August of 2023 from 37.1 in the previous month

SELL JPYINR SEP @ 57 SL 57.2 TGT 56.8-56.6.

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