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USDINR

Observations

USDINR trading range for the day is 82.81-83.35.

Rupee gained on likely help from the Reserve Bank of India (RBI) but registered a weekly decline for the second consecutive week

India's foreign exchange reserves have increased by $4.039 billion to $598.897 billion

Investors will be keenly eyeing U.S. inflation numbers due on Wednesday for further cues on the Federal Reserve policy.

SELL USDINR SEP @ 83.15 SL 83.3 TGT 83-82.88.

EURINR

Observations

EURINR trading range for the day is 88.65-89.53.

Euro steadied as risk sentiment improved, while investors continued to assess the economic and interest rate outlook globally

The German consumer price inflation rate was confirmed at 6.1% year-on-year in August 2023

Eurozone economy grew by 0.1% in the second quarter from the prior period, lower than the 0.3% expansion estimated

SELL EURINR SEP @ 89.2 SL 89.4 TGT 89-88.85.

GBPINR

Observations

GBPINR trading range for the day is 103.3-104.28.

GBP pressured amid heightened uncertainty over the path of incoming interest rate decisions

Bank of England Governor Andrew Bailey said that the bank is "much nearer" to ending its run of interest rate increases

Traders are now placing a 75% chance of a 25 bps hike at the central bank's next policy meeting on Sept. 21.

BUY GBPINR SEP @ 103.5 SL 103.3 TGT 103.8-104.

JPYINR

Observations

JPYINR trading range for the day is 56.35-56.89.

 JPY remained in range as investors placed their hopes on a still-resilient U.S. economy.

Japan’s Suzuki said that rapid currency moves were undesirable and that authorities wouldn't rule out any options against excessive moves

The Japanese economy grew by 4.8% on an annualized basis during the second quarter of 2023

BUY JPYINR SEP @ 56.4 SL 56.2 TGT 56.7-56.9.

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