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USDINR

Observations

USDINR trading range for the day is 83.14-83.32.

Rupee closed stronger but underperformed its Asian peers as

U.S. dollar demand from local oil companies and importers capped gains. U.S. Treasury yields and the dollar retreated after data signalled the labour market in the world's largest economy was cooling

The odds of a Fed rate hike at the December meeting are now at 7%, down from 20% a week earlier, according to FEDWATCH.

SELL USDINR NOV @ 83.3 SL 83.55 TGT 83.12-83

EURINR

Observations

EURINR trading range for the day is 89.02-89.82.

Euro gains driven by indications of a potential conclusion to monetary policy tightening by major central banks.

Factory orders in Germany unexpectedly rose 0.2% month-over-month in September 2023

The HCOB Spain Composite PMI recorded 50 in October 2023, little changed from 50.1 in the prior month

SELL EURINR NOV @ 89.5 SL 89.7 TGT 89.2-89.05.

GBPINR

Observations

GBPINR trading range for the day is 102.54-103.78.

GBP gained as data indicating a slowdown in the US labor market supported the belief that Fed has reached the end of its tightening cycle.

The S&P Global/CIPS UK Construction PMI rose to 45.6 in October 2023, up from 45.0 in the previous month

The UK central bank warned that the economic outlook for the UK remains highly challenging

SELL GBPINR NOV @ 103.3 SL 103.6 TGT 103-102.75

JPYINR

Observations

JPYINR trading range for the day is 55.72-56.02. .

JPY gains as dollar falls on weak US jobs, reducing Fed rate hike chances.

Sustainable and stable achievement of the price stability target, accompanied by wage increases, had not yet come in sight in Japan

The au Jibun Bank Japan Composite PMI was revised upward to 50.5 from a flash print of 49.9 but was lower than a final 52.1 in September.

SELL JPYINR NOV @ 55.9 SL 56.1 TGT 55.7-55.5.