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USDINR

Observations

USDINR trading range for the day is 83.74-83.88.

Rupee steadied pressured by month-end corporate dollar demand

Although likely intervention from the Reserve Bank of India helped avert further losses.

Dollar-rupee forward premiums jumped, with the 1-year implied yield up 5 basis points (bps) at 1.83%

BUY USDINR AUG @ 83.8 SL 83.7 TGT 83.9-84.

EURINR

Observations

EURINR trading range for the day is 90.58-91.24.

Euro dropped after a survey showed German business activity unexpectedly contracted in July

Euro zone business growth stalls in July, PMIs show

Euro zone lending rebounds as rates fall from highs

SELL EURINR AUG @ 90.9 SL 91.1 TGT 90.7-90.5.

GBPINR

Observations

GBPINR trading range for the day is 107.09-108.09.

GBP fell as investors increased their wagers on Bank of England rate cuts in 2024.

Sentiment in the UK manufacturing sector fell to -9 in July 2024, after rising to 9 in April

The Confederation of British Industry survey's total order book balance in UK declined to -32 in July 2024 from -18 in June

SELL GBPINR AUG @ 107.8 SL 108.1 TGT 107.5-107.3.

JPYINR

Observations

JPYINR trading range for the day is 54.4-54.98.

JPY steadied amid growing speculation that the Bank of Japan will raise interest rates.

Markets are betting that the central bank will lift rates by 10 basis points to 0.1%, and is widely expected to outline its quantitative tightening plans.

The index of coincident economic indicators in Japan, revised upward to 117.1 in May 2024 from a flash figure of 116.5.

SELL JPYINR AUG @ 54.8 SL 55 TGT 54.6-54.4.