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USDINR

Observations

USDINR trading range for the day is 83.77-83.83.

Rupee was little changed supported by mild dollar sales from state-run banks.

The rise in forward premiums comes after the 1-year yield lingered in a 15 bps range in the April-June period.

India's forex reserves jump to a new record high of $670.86 bn

SELL USDINR AUG @ 83.85 SL 83.95 TGT 83.75-83.65.

EURINR

Observations

EURINR trading range for the day is 90.56-90.96.

Euro steadied as traders await key economic data to reassess their predictions for an interest rate cut by the ECB.

Euro zone consumers stopped lowering inflation expectations in June

Preliminary Q2 GDP growth and inflation figures for the Eurozone, Germany, France, Italy and Spain will provide an update on the economic performance.

SELL EURINR AUG @ 90.9 SL 91.1 TGT 90.7-90.5.

GBPINR

Observations

GBPINR trading range for the day is 107.47-107.79.

GBP steadied in anticipation of the Bank of England's upcoming monetary policy decision on August 1st.

Sentiment in the UK manufacturing sector fell to -9 in July 2024, after rising to 9 in April for the first time in nearly three years.

Nearly 50% of traders bet the BoE will begin its cutting cycle in August and lower the key interest rate by 25bps

SELL GBPINR AUG @ 107.8 SL 108.1 TGT 107.5-107.3.

JPYINR

Observations

JPYINR trading range for the day is 53.85-55.03.

JPY dropped as the Bank of Japan kicked off its two-day monetary policy meeting.

Markets expected the central bank to lift rates by 10 basis points to 0.1% and trim its bond purchases

Japan’s unemployment rate unexpectedly fell to 2.5% in June

BUY JPYINR AUG @ 54.25 SL 54.05 TGT 54.5-54.7.