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USDINR

Observations

USDINR trading range for the day is 82.1-82.52

Rupee logged its worst single-day fall in two months, while also snapping a two-week gaining streak.

Fed and the ECB hiked rates by 25 basis points, as expected.

Rupee's plummeting volatility, mainly due to the Reserve Bank of India's stranglehold on the currency.

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

EURINR

Observations

EURINR trading range for the day is 90.11-91.01

Euro fell with stubborn inflation and a growing risk of a recession pulling policymakers in opposing directions.

ECB’s Lagarde responded to most of the questions at a press conference by saying all options remained on the table to "break the back" of inflation

The ECB delivered a widely anticipated 25 basis points rate increase to a 23-year high of 3.75%

BUY EURINR Aug 2023 @ 90.5 SL 90.28 TGT 90.78-90.92

GBPINR

Observations

GBPINR trading range for the day is 104.69-106.71

GBP dropped as investors shifted towards the greenback after stronger-than-expected second-quarter GDP data from US.

In UK, weaker-than-expected PMI data and a reduction in inflationary pressures indicated that the Bank of England might not need to raise rates

UK policymakers are still expected to raise interest rates by another 25 bps at the central bank's August meeting.

SELL GBPINR Aug 2023 @ 106 SL 106.3 TGT 105.65-105.45

JPYINR

Observations

JPYINR trading range for the day is 58.05-60.65

JPY gains after the Bank of Japan said it would take a more flexible approach to pinning down long-term yields.

BOJ made its yield curve control policy more flexible and watered down its commitment to defend a cap on long-term interest rates

Core inflation in Japan's capital slowed in July but remained well above the central bank's 2% target

SELL JPYINR Aug 2023 @ 59.2 SL 59.4 TGT 58.9-58.7

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