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USDINR

Observations

USDINR trading range for the day is 83.89-84.05.

Rupee ended little changed as corporate dollar demand offset the impact of a rebound in regional currencies

The odds of a 50 basis points Federal Reserve rate cut in September have retreated to 53% from 100%

The RBI maintained its 'withdrawal of accommodation' stance for a ninth consecutive time.

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

EURINR

Observations

EURINR trading range for the day is 91.64-91.84.

Euro dropped as dollar index held its recent advance after better-than-expected US jobless claims da

The annual inflation rate in Germany edged up to 2.3% 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 106.78-107.26.

GBP gains attributed to the rising expectations of the US Federal Reserve (Fed) implementing a rate cut in September.

The Bank of England’s recent interest rate cut and the potential for further cuts this year.

Recent unrest in the UK, including anti-immigration riots and speculation about tax hikes, has dampened enthusiasm

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

JPYINR

Observations

JPYINR trading range for the day is 57.13-57.43.

JPY depreciated as the dollar strengthened on better-than-expected US jobless claims data

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

BOJ’s July policy meeting revealed that some members called for the need to keep hiking rates

SELL JPYINR AUG @ 57.4 SL 57.6 TGT 57.2-57.