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USDINR

Observations

USDINR trading range for the day is 82.23-82.41

Rupee ended little changed as investors assess the outlook for U.S. monetary policy.

India's April-June fiscal deficit at Rs 4.51 lakh crore, widens on-year to 25.3% of FY23 aim

USD/INR forward premiums fell but were flat month-on-month, with the 1-year implied yield at 1.67%

SELL USDINR Aug 2023 @ 82.4 SL 82.55 TGT 82.22-82.1

EURINR

Observations

EURINR trading range for the day is 90.57-91.11

Euro steadied after ECB President Lagarde raised the prospect of an interest rate hike later in the year.

Two officials from ECB hinted at a possible end to interest rate rises as the outlook for the region’s economy worsened.

Latest data about economic output in France, Germany and Spain is "quite encouraging" and confirms the ECB’s expectations.

SELL EURINR Aug 2023 @ 90.9 SL 91.15 TGT 90.65-90.45

GBPINR

Observations

GBPINR trading range for the day is 105.6-106.06

GBP remained in range as investors prepared for the Bank of England's August policy meeting.

Consumer credit in the United Kingdom rose by £1.661 billion in June 2023

UK officials will raise interest rates by another 25 bps, pushing borrowing costs to their highest level since the 2008 financial crisis

SELL GBPINR Aug 2023 @ 105.9 SL 106.2 TGT 105.55-105.3

JPYINR

Observations

JPYINR trading range for the day is 57.9-58.64

JPY weakened after the Bank of Japan loosened its grip on interest rates.

Industrial production in Japan increased by 2.0 percent month-over-month in June 2023

Retail sales in Japan grew 5.9% YoY in June 2023

SELL JPYINR Aug 2023 @ 58.2 SL 58.4 TGT 57.95-57.75

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