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USDINR

Observation

USDINR trading range for the day is 83.63-84.01.

Rupee climbed lifted by rising expectations that the Fed will kick off policy easing with a 50 basis points rate cut.

Fed lowered its benchmark interest rate by 50bps to 4.75%-5% in light of the progress on inflation

India’s wholesale prices increased by 1.31% year-on-year in August 2024

SELL USDINR SEP @ 83.82 SL 83.92 TGT 83.72-83.62.

EURINR

Observation

EURINR trading range for the day is 93.16-93.46.

Euro remained in range as money markets increased their bets on a super-sized 50 basis point rate cut by Fed.

Eurozone investor morale drops to 11-month low

German investor morale falls to 11-month low

SELL EURINR SEP @ 93.3 SL 93.5 TGT 93.1-92.9.

GBPINR

Observation

GBPINR trading range for the day is 110.51-110.89.

GBP steadied as traders geared up for UK inflation data, a BOE meeting

BoE is expected to keep rates unchanged at 5% this week, with markets pricing an 80% chance of no change.

UK economy stagnated in July, missing the expected 0.2% growth and pushing the pound to its lowest since August 20.

SELL GBPINR SEP @ 110.65 SL 110.9 TGT 110.35-110.15.

JPYINR

Observation

JPYINR trading range for the day is 59.35-59.95.

JPY dropped on profit booking after seen supported as investors prepared for the latest monetary policy decisions.

Japan Finance Minister Suzuki said that foreign exchange fluctuations have both merits and demerits on the economy, reiterating that rapid moves are undesirable.

Industrial production growth in Japan was revised upward to 3.1% month-over-month in July 2024

SELL JPYINR SEP @ 59.6 SL 59.8 TGT 59.4-59.1.