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USDINR

Observations

USDINR trading range for the day is 83.94-84.08.

Rupee remained in range as global risk appetite remained shaky

RBI maintained its benchmark policy repo at 6.5% for the ninth consecutive meeting in August 2024

Dollar-rupee forward premiums rose and the 1-year implied yield was rose 4 basis points to 2.05%.

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

EURINR

Observations

EURINR trading range for the day is 91.49-92.09.

Euro stabilized as traders continue to assess the monetary and economic outlook.

Germany's trade surplus declined to EUR 20.4 billion in June 2024

German industrial production rose by 1.4% month-over-month in June 2024.

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

GBPINR

Observations

GBPINR trading range for the day is 106.29-106.87.

GBP remained in range as investors anticipate faster interest rate cuts by the Bank of England.

Retail sales in the United Kingdom increased 0.3% on a year-on-year basis in July

The S&P Global UK Construction PMI jumped to 55.3 in July 2024

BUY GBPINR AUG @ 106.5 SL 106.2 TGT 106.8-107.2.

JPYINR

Observations

JPYINR trading range for the day is 57.04-58.16.

JPY gains as investors continued to assess the outlook for Bank of Japan monetary policy.

The summary of opinions from the BOJ’s July policy meeting revealed that some members called for the need to keep hiking rates

Japan’s service sector increased to 47.5 in July 2024 from 47.0 in the previous month

SELL JPYINR AUG @ 57.6 SL 57.8 TGT 57.4-57.2.