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USDINR

Observations

USDINR trading range for the day is 81.69-82.13

Rupee snapped a three-day winning streak as RBI likely intervened through dollar purchases.

The one-year dollar-rupee implied yield rose four bps to 1.73%, amid the RBI's possible intervention in the forwards market.

Investors are awaiting cues from Fed policy decision where a 25 basis point rate hike is already factored in.

BUY USDINR Jul 2023 @ 81.75 SL 81.62 TGT 81.9-82

EURINR

Observations

EURINR trading range for the day is 90.45-91.01

Euro slid after activity data in key economies came in much softer than expected

PMI data that showed eurozone business activity shrank much more than expected in July.

Investors expect both the ECB and Fed to raise rates by 25 basis points

SELL EURINR Jul 2023 @ 90.6 SL 90.8 TGT 90.3-90.1

GBPINR

Observations

GBPINR trading range for the day is 104.77-105.51

GBP remained in range as traders keep their attention on Britain's floundering economy.

The Confederation of British Industry surveys total order book balance rose six points to -9.0 in July 2023

Traders are predicting a 60% chance of a 25 bps hike from the BoE at its next meeting on August 3, and a 40% chance of a larger 50 bps hike.

BUY GBPINR Jul 2023 @ 105 SL 104.75 TGT 105.35-105.65

JPYINR

Observations

JPYINR trading range for the day is 58.08-58.48

JPY dropped as the Bank of Japan is widely expected to keep its policy of ultra-low interest rates

BOJ Governor said there was still some distance to sustainably and stably achieve the central bank’s 2% inflation target

Data showed that Japan's annual headline and core inflation rates both accelerated slightly to 3.3% in June

BUY JPYINR Jul 2023 @ 57.8 SL 57.6 TGT 58.05-58.2

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