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USDINR

Observations

USDINR trading range for the day is 83.15-83.45.

Rupee rose marginally as the Reserve Bank of India likely sold dollars to aid the local unit.

The final reading for the US GDP confirmed a sharp growth rate of 2.1% for the second quarter of the year.

India’s current account deficit narrowed to $9.2 billion in the second quarter of 2023, equivalent to 1.1% of the GDP

SELL USDINR OCT @ 83.4 SL 83.55 TGT 83.25-83.12. 

EURINR 

Observations

EURINR trading range for the day is 87.37-88.23.

Euro dropped as concerns have grown that persistent inflationary pressures may require major central banks to maintain higher interest rates

ECB recently implemented its 10th consecutive rate increase, signaling a potential pause in its tightening policy

Consumer confidence in Italy eased for a third consecutive month to 105.4 in September 2023

BUY EURINR OCT @ 87.8 SL 87.6 TGT 88.05-88.25. 

GBPINR 

Observations

GBPINR trading range for the day is 100.77-102.15.

GBP recovers as the dollar's relentless rally paused

Money markets are still pricing in one more rate hike from the BoE, which would take the Bank Rate to 5.5%

Bank of England maintained its interest rates at the September meeting but indicated a commitment to elevated interest rates

BUY GBPINR OCT @ 101.4 SL 101.1 TGT 101.75-102. 

JPYINR 

Observations 

JPYINR trading range for the day is 56-56.26.

JPY dropped as the Bank of Japan remained committed to ultra-easy monetary policy

Japan finmin Suzuki reiterates warning against excessive FX volatility

Yen’s weakness prompted Japan’s finance ministry to step up warnings of possible currency intervention in recent weeks.

SELL JPYINR OCT @ 56.2 SL 56.4 TGT 56-55.8.