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USDINR

Observations

USDINR trading range for the day is 82.27-82.77.

Rupee strengthened to a three-week high as a pullback in U.S. Treasury yields helped relieve the recent pressure on Asian currencies.

Icra estimates India's GDP growth at 8.5 pc in first quarter; maintains FY24 forecast at 6 pc

Indian economy to grow at 8.3% in the first quarter and 6.7% in FY24: SBI report

SELL USDINR AUG @ 82.75 SL 82.88 TGT 82.58-82.44.

EURINR

Observations

EURINR trading range for the day is 89.43-89.93.

Euro steadied after the release of soft economic data from both Europe and the US

Flash purchasing managers' indexes (PMI) showed that activity in the bloc's dominant services industry declined for the first time this year

Money markets now price around a 40% chance of a European Central Bank rate hike in September, from about 60% before the bloc's PMIs

GBPINR

Observations

GBPINR trading range for the day is 104.39-105.29.

GBP steadied as investors digested weaker-than-expected PMI data.

The latest survey showed that UK business activity contracted more than expected in August.

Service sector output contracted at the joint-fastest pace in 31 months, and the manufacturing output downturn accelerated.

SELL GBPINR AUG @ 104.7 SL 104.95 TGT 104.4-104.15.

JPYINR

Observations

JPYINR trading range for the day is 56.65-57.13.

JPY dropped amid widening yield differentials, as the Bank of Japan maintained its ultra-easy monetary policy

The BOJ unexpectedly adjusted its yield curve control policy, effectively allowing 10-year JGB yields to rise above the 0.5% upper limit.

Investors looked to the Federal Reserve chair's speech this week for cues on the path of monetary policy.

SELL JPYINR AUG @ 56.85 SL 57.05 TGT 56.6-56.45.

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