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USDINR

Observations

USDINR trading range for the day is 82.54-82.78.

Rupee snapped a three-day rally to close weaker but notched its best week in a month-and-a-half

Fed may need to implement additional interest rate hikes in order to effectively manage inflation

India economic growth likely 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 88.92-89.58.

Euro dropped after data showed German and Eurozone business activity slumped more than expected in August

The German economy stagnated in the second quarter of 2023 compared to the previous three months

Eurozone business activity contracted by the most since November 2020

SELL EURINR AUG @ 89.4 SL 89.6 TGT 89.15-89.02.

GBPINR

Observations

GBPINR trading range for the day is 103.68-104.64.

GBP dropped as investors rein in expectations of where they think BOE’s interest rate might peak after recent soft activity data.

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

UK economy was on course to shrink in the third quarter and prompting markets to scale back tightening bets.

SELL GBPINR AUG @ 104.4 SL 104.65 TGT 104.1-103.95.

JPYINR

Observations

JPYINR trading range for the day is 56.5-56.84

JPY dropped as dollar seen supported as investors reassessed the outlook for US monetary policy.

Core inflation in Japan's capital slowed in August but remained well above the central bank's 2% target

The au Jibun Bank Japan Manufacturing PMI edged up to 49.7 in August 2023 from 49.6 in July

SELL JPYINR AUG @ 56.7 SL 56.9 TGT 56.45-56.25.

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