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USDINR

Observations

USDINR trading range for the day is 82.05-82.23

Rupee dropped as investors continued to assess the outlook for Federal Reserve monetary policy.

ADB keeps India's FY24 growth forecast at 6.4% banking on demand strength

Fed is widely expected to raise interest rates by 25 bps this month, possibly indicating the conclusion of their tightening measures.

BUY USDINR Jul 2023 @ 82.02 SL 81.88 TGT 82.18-82.32

EURINR

Observations

EURINR trading range for the day is 91.83-92.43

Euro dropped as signs of cooling inflation globally relieved some of the pressure on major central banks to keep raising interest rates.

ECB policymakers are adopting a more dovish tone on the rate outlook

The consumer price inflation rate in the Euro Area was confirmed at 5.5 percent in June 2023

SELL EURINR Jul 2023 @ 92.4 SL 92.6 TGT 92.18-92

GBPINR

Observations

GBPINR trading range for the day is 105.22-107.42

GBP dropped after data showed UK inflation slowed faster than expected in June

Consumer price inflation in the United Kingdom dropped to 7.9 percent in June 2023, marking the lowest level since March 2022

Factory gate prices of goods produced by UK manufacturers eased sharply to 0.1% year-on-year in June

SELL GBPINR Jul 2023 @ 106.6 SL 106.8 TGT 106.35-106.15

JPYINR

Observations

JPYINR trading range for the day is 58.39-59.37

JPY depreciates following dovish Ueda remarks

The threat of currency intervention also loomed over the market, with Japanese authorities stepping up verbal warnings

Japan manufacturers’ mood declines in July

SELL JPYINR Jul 2023 @ 59 SL 59.2 TGT 58.75-58.6

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