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USDINR

Observations

USDINR trading range for the day is 82.38-83.24.

Rupee closed lower as dollar buying by oil companies and large importers pressured the local unit during the session, wiping out early gains.

India's economic expansion in the first quarter of the current fiscal should be "good" - Finance minister

India's current account deficit seen falling to around 1pc or USD 10 billion in Q1: India Ratings

SELL USDINR SEP @ 82.85 SL 823 TGT 82.68-82.58.

EURINR

Observations

EURINR trading range for the day is 89.41-89.87.

Euro remained in range as investors looked forward to data releases from both the European bloc and the US

Germany's GfK Consumer Climate Indicator unexpectedly dropped to -25.5 heading into September 2023

The money markets have priced in slightly less than a 50% probability of a 25 basis points ECB rate hike occurring in September.

BUY EURINR SEP @ 89.5 SL 89.3 TGT 89.75-89.9.

GBPINR

Observations

GBPINR trading range for the day is 104.09-104.65.

GBP seen supported as investors were holding their positions in anticipation of the crucial monthly US jobs data

BOE’s Broadbent remarked that elevated interest rates might need to be maintained in the UK for a considerable period to address persistent inflation pressures.

Investors are currently anticipating another increase in the BoE's Bank Rate to 5.5% from its current level of 5.25% at the September meeting

BUY GBPINR SEP @ 104.15 SL 103.9 TGT 104.35-104.5.

JPYINR

Observations

JPYINR trading range for the day is 56.54-56.98.

JPY steadied as investors digested data showing Japan’s unemployment rate surprisingly increased to 2.7% in July

Japan will consider economic package after September, finance minister says

Japan’s unemployment rate unexpectedly increased to 2.7% in July 2023 from 2.5% in June

SELL JPYINR SEP @ 56.85 SL 57 TGT 56.65-56.52.

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