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USDINR

Observations

USDINR trading range for the day is 82.31-82.85

Rupee dragged down by a weak risk appetite and dollar demand from importers.

India's fiscal deficit increased to INR 4.51 trillion in April-June 2023-24

Dollar rupee forward premiums declined, with the one-year implied yield at 1.56%, three basis points away from year-to-date lows

BUY USDINR Aug 2023 @ 82.6 SL 82.4 TGT 82.8-82.95

EURINR

Observations

EURINR trading range for the day is 90.45-91.11

Euro edged higher as investors digest fresh economic data and the monetary policy outlook.

ECB President Lagarde reinforced that there could be a further interest rate hike or perhaps a pause in September

Preliminary CPI figures showed headline inflation in the Eurozone fell to 5.3%, the lowest since January 2022

SELL EURINR Aug 2023 @ 90.8 SL 91 TGT 90.55-90.35

GBPINR

Observations

GBPINR trading range for the day is 104.84-106.1

GBP gains as dollar dropped after Fitch downgraded the US’s credit rating from AAA to AA+

Investors continue to assess the economic and monetary policy outlook in the region.

British house prices dropped by the most since 2009 in the 12 months to July as rising interest rates took a toll on the market

SELL GBPINR Aug 2023 @ 105.6 SL 105.9 TGT 105.25-105

JPYINR

Observations

JPYINR trading range for the day is 57.58-58.68

JPY gains as traders assessed the Bank of Japan's approach to monetary policy.

BOJ ready to stem yield gains before 1% cap hit – Deputy Governor Uchida

The au Jibun Bank Japan Manufacturing PMI was revised upward to 49.6 in July 2023

SELL JPYINR Aug 2023 @ 58.2 SL 58.4 TGT 57.95-57.8

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