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USDINR

Observations

USDINR trading range for the day is 83.95-84.07.

Rupee ended slightly lower tracking a dip in its Asian peers but managing to hold above a key support level

The US jobs report showed that while the U.S. economy created fewer than expected jobs in August

India's forex reserves hit a fresh high of $683.99 bn: RBI data

SELL USDINR SEP @ 84.05 SL 84.15 TGT 83.95-83.78.

EURINR

Observations

EURINR trading range for the day is 92.64-92.98.

Euro dropped as investors assessed the latest economic data for hints on the magnitude of rate cuts by the ECB and the Fed.

The annual inflation rate in Germany was confirmed at 1.9% in August 2024

GDP growth in the Eurozone was revised lower to 0.2% during the second quarter.

SELL EURINR SEP @ 93 SL 93.2 TGT 92.8-92.6.

GBPINR

Observations

GBPINR trading range for the day is 109.62-110.32.

GBP remained in range as traders digest the latest labour market figures.

Wage growth in the UK slowed to 5.1%, the lowest in about two years

The unemployment rate edged down to 4.1% as expected and the British economy added 265K jobs

SELL GBPINR SEP @ 110.1 SL 110.4 TGT 109.8-109.6.

JPYINR 

Observations

JPYINR trading range for the day is 58.4-58.9.

JPY remained in range ahead of key US inflation data that could offer clues on the path for expected Federal Reserve interest rate cuts.

Japan’s machine tool orders dropped 3.5% year-on-year to JPY 110,771 million in August 2024

Japan’s economy grew an annualized 2.9% in the second quarter, lower than the advance figure of 3.1% and market forecasts of 3.2%.

BUY JPYINR SEP @ 58.5 SL 58.3 TGT 58.7-58.9.