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USDINR

Observations

USDINR trading range for the day is 83.78-84.04.

Rupee dropped as dollar demand from importers and foreign banks wiped off nearly all of the currency's gains

Federal Reserve officials considered reducing interest rates but decided to wait.

India’s inflation must show signs of settling around the central bank’s target of 4 percent on a sustainable basis - RBI

SELL USDINR AUG @ 83.95 SL 84.05 TGT 83.85-83.75.

EURINR

Observations

EURINR trading range for the day is 92.65-94.05.

Euro gains amid expectations that ECB will not cut its key borrowing rates aggressively.

The current account surplus in the Euro Area widened sharply to €52.4 billion in June 2024 from €32.4 billion a year earlier

The annual inflation rate in the Euro Area rose to 2.6% in July of 2024 from 2.5% in the previous month

SELL EURINR AUG @ 93.6 SL 93.9 TGT 93.3-93.

GBPINR

Observations

GBPINR trading range for the day is 108.65-110.43.

GBP gains as signs of economic resilience and moderate inflation led traders to anticipate fewer rate cuts from BOE

Public sector net borrowing, in the UK climbed to £3.1 billion in July 2024 from £1.3 billion in the same month the previous year

Traders expect 44 basis points of rate cuts from the BoE this year, with a 39% chance of a 25-bps cut in September

SELL GBPINR AUG @ 109.8 SL 110 TGT 109.5-109.2.

JPYINR

Observations

JPYINR trading range for the day is 56.87-57.87.

JPY gains as the dollar languished on bets that Fed will have to lower borrowing costs soon to avert an economic downturn.

BOJ Ueda will testify before the Japanese parliament on Friday as legislators scrutinize the central bank’s decision to raise interest rates in July.

Japan's trade deficit jumped to JPY 621.84 billion in July from JPY 61.33 billion in the same month a year earlier.

BUY JPYINR AUG @ 57.2 SL 57 TGT 57.45-57.65.