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USDINR

Observations

USDINR trading range for the day is 82.77-83.45.

Rupee weakened for a third straight session as elevated U.S.Treasury yields and rising global crude oil prices weighed.

Expectations that the RBI may step in to defend the rupee and a slight reversal in crude prices could support the local unit.

India's August services activity cools despite rise in new exports biz

BUY USDINR SEP @ 83.15 SL 83 TGT 83.32-83.45.

EURINR

Observations

EURINR trading range for the day is 89.06-89.72.

Euro steadied as investors were evaluating global growth prospects

Factory orders in Germany plunged 11.7% month-over-month in July 2023

The HCOB Germany Composite PMI was revised slightly lower to 44.6 in August 2023 from a preliminary of 44.7

SELL EURINR SEP @ 89.6 SL 89.8 TGT 89.38-89.2.

GBPINR

Observations

GBPINR trading range for the day is 104.2-104.78.

GBP steadied after data shed light on a deteriorating growth outlook

The S&P Global/CIPS UK Construction PMI declined to 50.8 in August 2023 from 51.7 in July

S&P Global/CIPS UK Composite PMI showed the private sector output declined in August for the first time since January

SELL GBPINR SEP @ 104.5 SL 104.8 TGT 104.15-103.95.

JPYINR

Observations

JPYINR trading range for the day is 56.24-57.

JPY depreciated prompting authorities to warn against excessive currency volatility.

Japan’s top diplomat Masando Kanda said that Japanese authorities won’t rule out any options in the currency markets if speculative moves persist.

The yen has weakened more than 12% so far this year as the Bank of Japan remained committed to its ultra-easy monetary policy.

SELL JPYINR SEP @ 56.7 SL 56.9 TGT 56.45-56.3

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