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USDINR 

Observations

USDINR trading range for the day is 82.71-83.35.

Rupee closed weaker as the local unit slipped to the 83 level for the first time in nearly two weeks

The S&P Global India Services PMI dropped to 60.1 in August 2023 from an over 13-year high of 62.3 in the previous month

The S&P Global India Composite PMI fell to 60.9 in August 2023, slightly slowing from a record of 61.9 in the previous month

BUY USDINR SEP @ 83 SL 82.86 TGT 83.18-83.32.

EURINR

Observations

EURINR trading range for the day is 89.12-89.68.

Euro depreciated driven by investor expectations that ECB may maintain its current interest rates at the upcoming meeting

ECB's Lane acknowledged that the inflation of goods and services has moderated, and he anticipates a slowdown in core inflation

Euro zone investor mood darkens in Sept -survey

SELL EURINR SEP @ 89.45 SL 89.65 TGT 89.2-89.02.

GBPINR

Observations

GBPINR trading range for the day is 103.73-104.95.

GBP remained under pressure after data showed a contraction in British activity in August

The S&P Global/CIPS UK Composite PMI was revised higher to 48.6 in August 2023 from a preliminary estimate of 47.9

Retail sales in the United Kingdom jumped 4.3% on a like-for-like basis in August 2023 from a year ago

BUY GBPINR SEP @ 104.2 SL 103.95 TGT 104.5-104.72.

JPYINR

Observations

JPYINR trading range for the day is 56.57-56.89.

JPY dropped as dollar continued to strengthen despite growing expectations that Fed is likely done hiking rates this year.

BOJ will be able to gradually shift away from its easy monetary policy only after ensuring its 2% inflation goal has been sustainably achieved

The au Jibun Bank Japan Services PMI stood at 54.3 in August 2023, unchanged from a preliminary reading, and after a final 53.8 in July

SELL JPYINR SEP @ 56.7 SL 56.9 TGT 56.45-56.3.

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