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USDINR

Observations

USDINR trading range for the day is 83.86-84.06.

Rupee strengthened tracking a similar move in its Asian peers and in anticipation of MSCI-related inflows

Fitch affirmed India's long-term 'BBB-' rating, keeping its outlook stable.

Fed Powell has warned any further cooling in the labour market would be unwelcome, although the Fed is prepared to cut rates in September.

SELL USDINR SEP @ 84 SL 84.1 TGT 83.9-83.8.

EURINR

Observations

EURINR trading range for the day is 92.83-93.81.

Euro dips as lower inflation boosts odds of ECB rate cut

Although ECB officials indicated a cautious approach to rate cuts, markets are still pricing in around 65 basis points of cuts by year-end.

Lending to euro zone companies slowed a touch in July

SELL EURINR SEP @ 93.3 SL 93.5 TGT 93.1-92.9.

GBPINR

Observations

GBPINR trading range for the day is 110.2-111.28.

GBP dropped as investors look for fresh cues about the Bank of England’s (BoE) interest rate path.

BoE cut its main interest rate by 25 bps in early August, and traders see further rate cuts of 41 bps by the end of the year.

Prime Minister Keir Starmer said it would take a long time to rebuild Britain

SELL GBPINR SEP @ 110.7 SL 111 TGT 110.4-110.2.

JPYINR

Observations

JPYINR trading range for the day is 57.95-58.59.

JPY remains under pressure after cautious remarks from BoJ policymaker Himino.

The US Dollar rebounds amid a risk-off mood, but the upside appears limited on dovish Fed bets.

Japan’s National Consumer Price Index increased by 2.8% year-on-year in July

SELL JPYINR SEP @ 58.4 SL 58.6 TGT 58.2-58.1.