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USDINR

Observations

USDINR trading range for the day is 83.84-83.98.

Rupee ended little changed as dollar demand from state-run banks offset the impact of likely inflows into local equities.

Moody’s Ratings upgrades India’s GDP growth forecast to 7.2% in 2024 and 6.6% in 2025

Foreign exchange reserves held by the Reserve Bank of India surged to an equivalent of $681.7 billion

SELL USDINR SEP @ 84 SL 84.1 TGT 83.9-83.8.

EURINR

Observations

EURINR trading range for the day is 92.92-93.26.

Euro dropped as recent inflation data bolstered expectations for a ECB rate cut.

Euro zone inflation easing as predicted, Schnabel says

German import prices rose by 0.9% year-on-year in July 2024, marking the second consecutive period of growth

SELL EURINR SEP @ 93.1 SL 93.3 TGT 92.9-92.7.

GBPINR

Observations

GBPINR trading range for the day is 110.21-110.81.

GBP dropped as investors look for fresh cues about the Bank of England’s (BoE) interest rate path.

BoE cut its main interest rate by 25 bps in early August, and traders see further rate cuts of 41 bps by the end of the year.

Prime Minister Keir Starmer said it would take a long time to rebuild Britain

SELL GBPINR SEP @ 110.6 SL 110.9 TGT 110.3-110.

JPYINR

Observations

JPYINR trading range for the day is 57.87-58.43.

JPY dropped amid diverging monetary policies between Japan and the US.

Industrial production in Japan increased by 2.8% month-over-month in July 2024

Retail sales in Japan increased by 2.6% year-on-year in July 2024, slowing from a 3.8% growth in June

SELL JPYINR SEP @ 58.15 SL 58.35 TGT 57.9-57.7.