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USDINR

Observations

USDINR trading range for the day is 81.91-82.15

Rupee ended slightly higher, as broad weakness in the greenback and corporate dollar inflows helped offset demand from importers.

The US economy expanded an annualized 2.4% in Q2, higher than 2% in the previous period India

GDP to grow 6-6.3% in FY24, economic prospects brighten

BUY USDINR Aug 2023 @ 82 SL 81.85 TGT 82.18-82.32

EURINR

Observations

EURINR trading range for the day is 90.89-91.75

Euro strengthened as dollar dropped after Fed raised the fed funds rate by 25bps as expected

The European Central Bank raised interest rates by 25 basis points, a ninth consecutive rate hike

The Eurozone economy has been showing signs of weakness while inflation remains almost 3 times above the target.

SELL EURINR Aug 2023 @ 91.2 SL 91.4 TGT 90.9-90.7

GBPINR

Observations

GBPINR trading range for the day is 105.89-106.69

GBP rose amid weakening dollar after the U.S. central bank raised the cost of borrowing again.

The retail sales balance in the UK, dropped to -25 in July 2023 from -9 in the previous month

The latest PMI survey showed that UK business activity growth slowed sharply in July to a six-month low

SELL GBPINR Aug 2023 @ 106 SL 106.3 TGT 105.65-105.4

JPYINR

Observations

JPYINR trading range for the day is 58.58-59.18

JPY settled flat driven by speculations that Fed interest rate hike could be the last in its current monetary policy tightening cycle

BOJ is expected to maintain its ultra-easy monetary policy despite higher global rates.

The au Jibun Bank Flash Japan Services PMI edged down to 53.9 in July 2023 from a final of 54.0 a month earlier

USDINR SEP-AUG 0.0775 BUY JPYINR Aug 2023 @ 58.8 SL 58.6 TGT 59.05-59.2

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