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USDINR

Observations

USDINR trading range for the day is 83.14-85.38.

Rupee fell pressured by a decline in its Asian peers and strong dollar demand in the non-deliverable forwards market.

RBI’s interventions across the non-deliverable forwards (NDF), spot over-the-counter (OTC) and futures market have kept volatility in check.

Dollar-rupee forward premiums eased slightly but managed to hold on to much of their gains from a climb to a 14-month high

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

EURINR

Observations

EURINR trading range for the day is 91.5-92.1.

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

Weak economic data for the US raised concerns about a big slowdown or a potential recession.

Factory orders in Germany rose by 3.9% 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 106.3-107.62.

GBP fell 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

SELL GBPINR AUG @ 107 SL 107.3 TGT 106.7-106.5.

JPYINR

Observations

JPYINR trading range for the day is 57.34-58.5.

JPY slipped as the major unwinding of popular carry trades slowed

In June, average cash earnings in Japan increased by 4.5% year on year

Household consumption in Japan fell in real terms by 1.4% year on year in June

SELL JPYINR AUG @ 58 SL 58.3 TGT 57.7-57.5.