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USDINR

Observations

USDINR trading range for the day is 82.92-83.4.

Rupee rose amid likely dollar sales by RBI and easing crude oil prices

Fed kept the target range for the fund's rate at 5.25%-5.5%, but signaled there could be another hike this year.

India's banking system liquidity deficit jumps to over 4 – year high

SELL USDINR SEP @ 83.2 SL 83.35 TGT 83.02-82.9. 

EURINR

Observations 

EURINR trading range for the day is 88.78-89.2.

Euro steadied amid reports that ECB policymakers are beginning to explore strategies for addressing the surplus liquidity in the banking system

German producer prices posted their biggest year-on-year decline in August since data collection began in 1949.

Current ECB rates allow for reducing inflation to target, Centeno says

SELL EURINR SEP @ 89 SL 89.2 TGT 89.7-89.5.

GBPINR

Observations

GBPINR trading range for the day is 102.38-103.46.

GBP dropped as investors reduced their expectations for future rate hikes by the Bank of England

The UK's inflation rate in August slowed to 6.7%, down from July's 6.8%, which defied predictions of a rise to 7%

Bank of England is set to convene on Thursday to decide on monetary policy

SELL GBPINR SEP @ 102.85 SL 103.05 TGT 102.55-102.35. 

JPYINR

Observations

JPYINR trading range for the day is 56.09-56.61.

JPY weakened as investors reassessed the outlook for Bank of Japan monetary policy in light of Governor Kazuo Ueda’s recent remarks

Ueda recently stated that the central bank could end its negative interest rate policy when the 2% inflation target is sustainability achieved.

Data showed that producer prices in Japan rose the least in 29 months and decelerated for the eighth straight month in August.

SELL JPYINR SEP @ 56.3 SL 56.5 TGT 56.1-55.95.