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USDINR

Observations

USDINR trading range for the day is 83.77-83.99.

Rupee closed flat due to dollar demand from importers and foreign banks.

Fed Powell's dovish comments increased the likelihood of a larger rate cut at the Fed's September meeting.

The dollar-rupee 1-year forward premium reached a peak of 2.14%, the highest since May 2023.

SELL USDINR AUG @ 83.95 SL 84.05 TGT 83.85-83.75.

EURINR

Observations

EURINR trading range for the day is 93.46-94.02.

Euro surged boosted by the US dollar's decline following Fed Powell's hint at potential interest rate cuts by Fed.

The Ifo Business Climate indicator for Germany dropped to 86.6 in August 2024, the lowest level since February

A slowdown in Euro Area wage growth, bolstering the case for the European Central Bank to continue cutting interest rates.

SELL EURINR AUG @ 93.8 SL 94 TGT 93.6-93.4.

GBPINR

Observations

GBPINR trading range for the day is 110.51-110.99.

GBP rose after BOE’s Bailey suggested that more interest rate cuts might be on the way to help mortgage holders.

US Fed Powell suggests interest rate cuts may be imminent due to falling inflation and rising unemployment.

S&P Global Flash UK PMI composite output index rises to 53.4, marking a four-month high.

SELL GBPINR AUG @ 110.8 SL 111.1 TGT 110.5-110.2.

JPYINR

Observations

JPYINR trading range for the day is 57.82-58.4.

JPY appreciated as BOJ Ueda’s hawkish remarks contrasted with Fed Chair Jerome Powell’s dovish stance.

Japan’s core inflation rate accelerated for the third consecutive month to 2.7% in July

Ueda told parliament that the central bank could adjust monetary policy if its economic projections prove correct, indicating willingness to hike rates again.

SELL JPYINR AUG @ 58.1 SL 58.35 TGT 57.8-57.6.