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USDINR

Observations

USDINR trading range for the day is 83.9-84.02.

Rupee ended nearly flat as U.S. dollar demand from importers and foreign banks eroded gains.

The annual inflation rate in the US slowed for a fourth consecutive month to 2.9% in July 2024, the lowest since March 2021

Dollar-rupee forward premiums jumped with the 1-year implied yield touching a 15-month peak of 2.10%.

SELL USDINR AUG @ 84.05 SL 84.15 TGT 83.9-83.8.

EURINR

Observations

EURINR trading range for the day is 91.94-92.92.

Euro gains due to a weaker dollar following lower-than-expected US wholesale inflation data.

Investors have slightly increased their expectations for two European Central Bank rate cuts by its mid-October meeting.

The ZEW Indicator of Economic Sentiment for Europe’s largest economy fell by 22.6 points in a month to 19.2 points

SELL EURINR AUG @ 92.5 SL 92.7 TGT 92.3-92.1.

GBPINR

Observations

GBPINR trading range for the day is 107.61-107.99.

GBP dropped after inflation figures for the UK raised bets for a rate cut by the Bank of England.

British consumer price inflation rose to 2.2% after two months at the Bank of England's 2% target

Data showed that annual services price inflation fell to 5.2% in July from June's 5.7%

BUY GBPINR AUG @ 107.7 SL 107.5 TGT 107.9-108.1.

JPYINR

Observations

JPYINR trading range for the day is 56.98-57.56.

JPY appreciated as the dollar weakened on cooler-than-expected US producer inflation data

The Reuters Tankan sentiment index for manufacturers in Japan fell slightly to +10 in August 2024

Traders continued to assess the outlook for Bank of Japan monetary policy in light of recent market volatility

SELL JPYINR AUG @ 57.4 SL 57.7 TGT 57.1-56.8.