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USDINR 

Observations

USDINR trading range for the day is 82.59-82.93.

Rupee ended stronger but was off the day's high as dollar demand from importers mounted pressure on the local unit.

The S&P Global India Manufacturing PMI increased to a 3-month top of 58.6 in August 2023 from 57.7 in July.

GST collections in August grew 11% to 1.60 lakh crore on an annual basis.

SELL USDINR SEP @ 82.9 SL 83.08 TGT 82.72-82.58.

EURINR

Observations

EURINR trading range for the day is 89.57-90.15.

Euro fell as traders trimmed bets on a rate hike from the European Central Bank in September

Spanish inflation data had traders betting that the ECB would hike again next month.

ECB Schnabel said euro zone growth was weaker than predicted but that does not necessarily void the need for more rate hikes

SELL EURINR SEP @ 89.8 SL 90 TGT 89.55-89.35.

GBPINR

Observations

GBPINR trading range for the day is 104.44-105.24.

GBP steadied as BOE’s chief economist said British interest rates should probably stay high to quash "stubbornly high" core inflation.

BoE Chief Economist Huw Pill said that the central bank would "see the job through" on bringing high inflation back down to its 2% target

Investors see an 80% chance that the BoE will raise interest rates to 5.5% next month, and expect rates to peak at 5.75% before the end of the year.

SELL GBPINR SEP @ 104.7 SL 105 TGT 104.35-104.12.

JPYINR

Observations

JPYINR trading range for the day is 57-57.32.

JPY gains helped by diminished chances of U.S. interest rate hikes this year after a data-filled week.

Japan finance minister says currencies should be set by markets

The au Jibun Bank Japan Manufacturing PMI was revised slightly downward to 49.6 in August 2023

SELL JPYINR SEP @ 57.1 SL 57.3 TGT 56.85-56.65.

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