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USDINR

Observations

USDINR trading range for the day is 83.96-84.08.

Rupee held at 84 levels amid dovish signals by the RBI and an upturn in foreign currency outflows.

Federal Reserve officials were uncertain about the extent of interest rate cuts

RBI held its benchmark policy rate at 6.5% in its October meeting, as expected.

SELL USDINR OCT @ 84.1 SL 84.2 TGT 84-83.9.

EURINR

Observations

EURINR trading range for the day is 91.91-92.47.

Euro dropped as investors awaited fresh impetus before ECB’s policy meeting where another rate cut is likely.

ECB rate-setters Francois Villeroy de Galhau and Yannis Stournaras both indicated that the central bank will likely lower borrowing costs by another quarter-point

Germany's trade surplus widened to EUR 22.5 billion in August 2024, up from an upwardly revised EUR 16.9 billion in July

SELL EURINR OCT @ 92.3 SL 92.5 TGT 92.1-91.8.

GBPINR

Observations

GBPINR trading range for the day is 109.52-110.32.

GBP fell investors assessed geopolitical risks in the Middle East and the next steps in BOE’s easing cycle.

BoE Governor Andrew Bailey was quoted as saying the central bank might move more aggressively to lower borrowing costs.

British shoppers faced increased pressure on their budgets last month after grocery price inflation edged higher.

SELL GBPINR OCT @ 110 SL 110.25 TGT 109.75-109.55.

JPYINR 

Observations

JPYINR trading range for the day is 56.49-56.97.

JPY dropped as investors continued to assess the outlook for Bank of Japan monetary policy.

Average cash earnings in Japan increased by 3% year-on-year in August 2024, slowing from a 3.4% growth in July

Japan’s service sector declined to 47.8 in September 2024 from a five-month high of 49.0 in the previous month

BUY JPYINR OCT @ 56.7 SL 56.5 TGT 56.9-57.1.