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USDINR

Observations

USDINR trading range for the day is 82.48-82.74.

Rupee remained in range as a softer U.S. dollar aided the domestic unit in a relatively quiet trading session.

Powell's speech was hawkish along expected lines, but hotter-than-expected inflation or payroll data could take treasury yields higher

Economic growth in India is likely to have accelerated to 7.7% in the April-June quarter, the fastest annual pace in a year.

SELL USDINR AUG @ 82.75 SL 82.88 TGT 82.58-82.44.

EURINR

Observations

EURINR trading range for the day is 89.14-89.52.

Euro remained in range as traders assessed the slightly hawkish remarks by Fed Powell and ECB Lagarde.

Data showed German and Eurozone business activity slumped more than expected in August

Eurozone business activity contracted by the most since November 2020

BUY EURINR AUG @ 89.25 SL 89.08 TGT 89.45-89.6.

GBPINR

Observations

GBPINR trading range for the day is 103.7-104.34.

GBP dropped as investors rein in expectations of where they think the Bank of England's interest rate might peak

S&P Global's flash purchasing managers' index (PMI) for August, showed business activity contracted

Data showed British consumers' mood perked up in August

BUY GBPINR AUG @ 103.9 SL 103.65 TGT 104.25-104.45.

JPYINR

Observations

JPYINR trading range for the day is 56.31-56.57.

JPY dropped as traders continue to watch out for any signs of intervention in the currency market from Japanese authorities.

The index of leading economic indicators in Japan, was confirmed at 108.9 in June 2023, and after a final 109.1 in the previous month

The index of coincident economic indicators in Japan, was revised slightly down to 115.1 in June 2023 from flash data of 115.2.

BUY JPYINR AUG @ 56.3 SL 56.1 TGT 56.55-56.7.

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