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USDINR

Observations

USDINR trading range for the day is 83.94-84.04.

Rupee slipped pressured by a decline in its Asian peers while intervention by RBI remained intact.

Fed’s interest rate futures are currently pricing in about 100 bps worth of rate cuts over 2024, starting in September.

Dollar-rupee forward premiums slipped, with the 1-year implied yield down 2 basis points at 2.02%.

BUY USDINR AUG @ 83.95 SL 83.85 TGT 84.05-84.15.

EURINR

Observations

EURINR trading range for the day is 91.6-91.92.

Euro remained in range as investors awaited U.S. inflation data to gauge the extent of Fed’s interest rate cuts this year.

Germany's wholesale prices inched down by 0.1% year-on-year in July 2024

The German economy unexpectedly contracted 0.1% on quarter in the second quarter of 2024

SELL EURINR AUG @ 92 SL 92.2 TGT 91.7-91.5.

GBPINR

Observations

GBPINR trading range for the day is 106.94-107.28.

GBP steadied as investors await crucial economic data for insights on future monetary policy.

BoE's Mann says UK wage pressures may last for years

British employers expect to raise pay by 3% over the coming year, the lowest planned increase in two years

SELL GBPINR AUG @ 107.3 SL 107.6 TGT 107-106.8.

JPYINR

Observations

JPYINR trading range for the day is 57.04-57.38.

JPY dropped as the dollar strengthened on better-than-expected US economic data

Bank of Japan’s hawkish shift led to a rapid unwinding of yen carry trades.

BOJ Deputy Governor Shinichi Uchida saying the central bank won’t raise rates when the market is unstable.

SELL JPYINR AUG @ 57.25 SL 57.45 TGT 57.05-56.9.