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USDINR

Observations

USDINR trading range for the day is 83.71-83.89.

Rupee settled flat as likely intervention from RBI.

India Manufacturing PMI rose to 58.5 in July 2023, up from 58.3 in the previous month

The HSBC India Services PMI increased to 61.1 in July 2024 from 60.5 in June, preliminary estimates showed

SELL USDINR AUG @ 83.9 SL 84 TGT 83.8-83.7.

EURINR

Observations

EURINR trading range for the day is 90.56-91.06.

Euro dropped as traders continue to assess the monetary policy outlook.

The GfK Consumer Climate Indicator for Germany climbed to -18.4 heading into August 2024

Markets are currently betting on two more rate reductions by the ECB this year, possibly starting in September.

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

GBPINR

Observations

GBPINR trading range for the day is 107.82-108.08.

GBP steadied amid growing speculation that the BoE will begin cutting interest rates in August.

The S&P Global Flash UK Manufacturing PMI increased to 51.8 in July 2024

The S&P Global UK Services PMI edged higher to 52.4 in July of 2024 from the year-to-date low of 52.1 in the previous month

SELL GBPINR AUG @ 108.1 SL 108.4 TGT 107.8-107.5.

JPYINR

Observations

JPYINR trading range for the day is 53.41-54.67.

JPY appreciated as traders piled on bets that the Bank of Japan would raise interest rates again next week

The au Jibun Bank Japan Services PMI jumped to 53.9 in July 2024 from a final 49.4 in the prior month

The au Jibun Bank Japan Manufacturing PMI unexpectedly fell to 49.2 in July 2024 from 50.0 in the previous month

BUY JPYINR AUG @ 54.1 SL 53.9 TGT 54.35-54.55.