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USDINR

SELL USDINR SEP @ 96 SL 96.2 TGT 95.8-95.6.

Observations

USDINR trading range for the day is 95.68-95.98.

Rupee gains as softer oil prices, expected portfolio inflows and continued RBI intervention helped limit downside.

Moody's raises India's FY27 economic growth forecast to 7% citing resilience, but warns of inflation risks

Goldman Sachs now expecting the Federal Reserve to deliver another 25-basis-point hike in October.

EURINR

SELL EURINR SEP @ 110.3 SL 110.6 TGT 110-109.7.

Observations

EURINR trading range for the day is 108.82-112.7.

Euro remained under pressure as political uncertainty in Germany and concerns over France’s public finances weighed on sentiment.

The German political establishment had already been shaken by the CDU’s defeat to the anti-immigration AfD in Saxony-Anhalt two weeks ago.

Euro zone ministers concerned by global yield rises, stress need for prudent fiscal path

GBPINR

SELL GBPINR SEP @ 128.5 SL 128.8 TGT 128.2-127.9.

Observations

GBPINR trading range for the day is 128.05-128.51.

GBP dropped as traders slightly pared back expectations for Bank of England rate hikes amid a decline in oil prices.

UK policymakers made clear last week that the outlook for inflation, and therefore interest rates, will depend heavily on the path of oil and gas prices in the coming months.

Markets currently price around an 80% chance of a rate hike at the November meeting, with roughly a 56% probability of a second increase by year-end.

JPYINR

SELL JPYINR SEP @ 61 SL 61.2 TGT 60.8-60.6.

Observations

JPYINR trading range for the day is 60.6-61.28.

JPY gained with traders remaining on alert for possible intervention as Japan begins a three-day holiday.

Governor Ueda said BOJ remains committed to raising rates and adjusting the degree of monetary accommodation in response to changing economic conditions.

Bank of Japan says it will continue to raise policy rates based on economic and price developments and on financial conditions.