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USDINR

Observations

USDINR trading range for the day is 82.95-83.29.

Rupee logged its biggest one-day advance in three weeks helped by likely central bank intervention in the spot and non-deliverable forward markets

Federal Reserve Chair Powell said that the rise in yields was due to a robust economy, term premiums and quantitative tightening.

India's central bank will conduct open market sales of bonds once government spending picks up and there is improvement in durable liquidity surplus.

SELL USDINR OCT @ 83.3 SL 83.45 TGT 83.1-82.95

EURINR

Observations

EURINR trading range for the day is 87.71-88.27.

Euro steadied as US Fed Powell said that inflation remains too high and would likely require lower economic growth.

Producer prices in Germany tumbled by 14.7% yoy in September 2023

Financial stability in the euro zone is fragile as the economy adapts to higher rates, stagnating growth and a real estate downturn

SELL EURINR OCT @ 88.15 SL 88.35 TGT 87.9-87.75

GBPINR

Observations

GBPINR trading range for the day is 100.34-101.3.

GBP weakened amid worries over rising bond yields and the escalating Israel-Hamas conflict.

Retail sales in the UK declined 0.9% month-over-month in September 2023, reversing from a 0.4% increase in August

The GfK Consumer Confidence indicator in the United Kingdom fell sharply to -30 in October 2023 from -21 in September 

BUY GBPINR OCT @ 100.7 SL 100.45 TGT 101-101.2

JPYINR

Observations

JPYINR trading range for the day is 55.4-55.72.

JPY remained weak as the Bank of Japan remained committed to ultra-easy monetary policy

The annual inflation rate in Japan fell to 3.0% in September 2023 from 3.2% in the prior month

The core consumer price index in Japan, rose 2.8% in September 2023 from a year ago

SELL JPYINR OCT @ 55.7 SL 55.9 TGT 55.5-55.3.