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USDINR

USDINR trading range for the day is 83.28-83.32.

Rupee ended unchanged as buoyant U.S. dollar demand squared off against expectations the central bank will prevent further weakness.

India's fiscal deficit increased to INR 7.02 trillion in April-September 2023-24

While the rupee hardly budged, worries over a shortage of dollars drove the USD/INR overnight swap rate and forward premiums lower.

SELL USDINR NOV @ 83.45 SL 83.6 TGT 83.35-83.2.

EURINR 

Observations

EURINR trading range for the day is 88.07-89.39.

Euro strengthened as encouraging data from Germany raised hopes the economic downturn in Europe could be less severe

Germany showed the inflation rate fell more than expected to over two-year lows of 3.8% and the economy contracted 0.1% in Q3

German import prices shrank 14.3% year-on-year in September 2023

SELL EURINR NOV @ 88.9 SL 89.1 TGT 88.65-88.45

GBPINR

Observations

GBPINR trading range for the day is 100.97-101.95.

GBP gains with the Bank of England expected to maintain unchanged interest rates at its upcoming meeting.

Governor Andrew Bailey noted that inflation figures for September were in line with the central bank's expectations

British lenders approved 43,328 mortgages in September, marking the lowest number since January

SELL GBPINR NOV @ 101.6 SL 101.85 TGT 101.3-101.1.

JPYINR

Observations

JPYINR trading range for the day is 55.32-56.08.

JPY dropped as the Bank of Japan kept its policy rate steady at -0.1% and maintained the 10-year JGB yield target at around 0%

Retail sales in Japan rose 5.8% year-on-year in September 2023, slowing from a 7% increase seen both in July and August

Industrial production in Japan rose by 0.2% month-over-month in September 2023, missing market forecasts of 2.5%

SELL JPYINR NOV @ 55.6 SL 55.8 TGT 55.35-55.2.