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USDINR

Observations

USDINR trading range for the day is 82.61-82.97

Rupee extended its fall as broad risk aversion weighed on sentiment, pushing to its lowest level in more than two months.

The S&P Global India Services PMI unexpectedly rose to 62.3 in July 2023 from June's three-month low of 58.5

India cenbank likely sold dollars via state banks at 82.75 – 82.80 rupee level

BUY USDINR Aug 2023 @ 82.75 SL 82.52 TGT 82.94-83.1

EURINR

Observations

EURINR trading range for the day is 90.34-90.8

Euro dropped amid renewed concerns about the widening policy gap between the US and Europe.

The trade surplus in Germany widened to €18.7 billion in June 2023 from an upwardly revised €14.6 billion in May

ECB President Christine Lagarde said a change in interest rates in September will solely depend on data.

BUY EURINR Aug 2023 @ 90.5 SL 90.3 TGT 90.78-90.96

GBPINR

Observations

GBPINR trading range for the day is 104.08-105.72

GBP dropped after the Bank of England raised its Bank rate by 25bps

The S&P Global/CIPS UK Services PMI was confirmed at 51.5 in July of 2023, down from 53.7 the prior month

Policymakers noted that given the significant increase in interest rates, the current monetary policy stance is restrictive.

BUY GBPINR Aug 2023 @ 104.8 SL 104.5 TGT 105.15-105.4

JPYINR

Observations

JPYINR trading range for the day is 57.61-58.59

JPY remained in range as investors continued to assess the impact of the Bank of Japan's policy adjustment

The au Jibun Bank Japan Services PMI was at 53.8 in July 2023, compared with a flash print of 53.9 and a final 54.0 in June

The BOJ kept its policy rates unchanged but took steps to make its yield curve control more flexible

BUY JPYINR Aug 2023 @ 58 SL 57.8 TGT 58.25-58.4

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