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USDINR

Observations

USDINR trading range for the day is 83.41-83.65.

Rupee ended flat as dollar demand from local oil companies pulled the currency off a near three-month high.

Dollar-rupee forward premiums rose, with the 1-year implied yield touching a 17-month peak of 2.38%.

India Manufacturing PMI declined to 56.7 in September from 57.5 in the previous month, preliminary estimates showed.

SELL USDINR SEP @ 83.58 SL 83.68 TGT 83.48-83.38.

EURINR

Observations

EURINR trading range for the day is 92.35-93.65.

Euro dropped after flash PMIs for Europe came worse-than-expected.

PMIs for both France and Germany disappointed, pointing to a bigger-than-anticipated fall in manufacturing.

The S&P Global France Manufacturing PMI increased slightly to 44 in September 2024 from a seven-month low of 43.9 in the previous month

SELL EURINR SEP @ 93 SL 93.2 TGT 92.8-92.6.

GBPINR

Observations

GBPINR trading range for the day is 110.49-111.55.

GBP dropped as the preliminary UK S&P Global PMI came in lower than expected.

Traders expect the BoE to deliver one more interest rate cut this year.

The US Dollar bounces back on dismal market mood.

BUY GBPINR SEP @ 111.1 SL 110.8 TGT 111.4-111.6.

JPYINR

Observations

JPYINR trading range for the day is 57.69-58.61.

JPY steadied amid concerns that the Bank of Japan is not in a hurry to raise interest rates

Governor Ueda acknowledged “some weakness” in the economy, a slightly more dovish tone than previous pronouncements.

Japan's core machinery orders, fell by 0.1% month-on-month to 874.9 billion yen in July 2024

SELL JPYINR SEP @ 58.4 SL 58.6 TGT 58.2-58.