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USDINR

Observations

USDINR trading range for the day is 83.24-83.36.

Rupee trading at a narrow range reaching as capital outflows clashed against intervention from the RBI.

India Services PMI decreased to 58.4 in October 2023 from 61.0 in September

India Composite PMI slipped to 58.4 in October 2023 from 61.0, pointing to the lowest reading since March

SELL USDINR NOV @ 83.3 SL 83.55 TGT 83.12-83.

EURINR

Observations

EURINR trading range for the day is 88.45-88.95.

Euro gains as growing expectations that US interest rates have peaked and declining Treasury yields boosted appetite for risk assets.

The trade surplus in Germany decreased to EUR 16.5 billion in September 2023 from an upwardly revised EUR 17.7 billion in the previous month

Euro zone inflation on track but ECB cannot close door on rate hikes – ECB's Schnabel

SELL EURINR NOV @ 88.9 SL 89.1 TGT 88.7-88.5.

GBPINR

Observations

GBPINR trading range for the day is 101.44-102.1.

GBP gains following the Bank of England's decision by maintaining stable interest rates

Governor Bailey emphasized that rate cuts were not expected in the near future

The UK central bank also warned that the economic outlook for the UK remains highly challenging

SELL GBPINR NOV @ 102 SL 102.3 TGT 101.65-101.45.

JPYINR

Observations

JPYINR trading range for the day is 55.6-55.78

JPY settled flat amid a general dollar weakness, as Fed held interest rates steady for the second time

The central bank re-defined 1% as a loose "upper bound" rather than a rigid cap

Japan’s Kishida said the government will spend over 17 trillion yen in a package of measures to cushion the economic blow from rising inflation

BUY JPYINR NOV @ 55.55 SL 55.35 TGT 55.75-55.9.