IGI Logo

USDINR

Observation

USDINR trading range for the day is 83.97-84.07.

Rupee settled flat ahead of a closely watched U.S. consumer inflation print that is expected to influence expectations on Fed interest rate cuts.

The annual inflation rate in the US slowed for a fifth consecutive month to 2.5% in August 2024, the lowest since February 2021

India's robust growth prospects and consumption demand are unhurt

SELL USDINR SEP @ 84.05 SL 84.15 TGT 83.95-83.78.

EURINR

Observation

EURINR trading range for the day is 92.71-92.99.

Euro remained in range with investors on hold before ECB policy meeting which could provide clues about the rate outlook.

Investor morale in the euro zone fell for a third consecutive month in September

Money markets priced in around 60 bps of ECB rate cuts in 2024, implying two ECB moves and a 40% chance of a third cut.

SELL EURINR SEP @ 92.85 SL 93.05 TGT 92.6-92.4

GBPINR

Observation.

GBPINR trading range for the day is 109.68-110.2.

GBP remained in range as traders digest fresh economic data and monetary policy prospects.

The British economy stalled once again in July 2024, mirroring June's performance, and below forecasts of a 0.2% increase.

Manufacturing production in the UK fell 1% month-over-month in July 2024

SELL GBPINR SEP @ 109.95 SL 110.15 TGT 109.65-109.45.

JPYINR

Observation

JPYINR trading range for the day is 58.41-60.23

JPY gains following hawkish statements from a Bank of Japan policy maker.

BOJ’s Nakagawa said that the central bank will continue raising interest rates if the economy and inflation moves in line with its forecasts.

The Reuters Tankan sentiment index for manufacturers in Japan fell to +4 in September 2024 from +10 in August

SELL JPYINR SEP @ 59.35 SL 59.55 TGT 59.1-58.9.