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USDINR

Observations

USDINR trading range for the day is 84.04-84.12.

Rupee remained in range as likely intervention by RBI blunted the pressure from weakness in regional peers and persistent dollar outflows.

India's forex reserves contracted by $10.7 billion to $690 billion

Dollar-rupee forward premiums rose with the 1-year implied yield rising 5 basis points to 2.24%

SELL USDINR OCT @ 84.12 SL 84.22 TGT 84.02-83.94.

EURINR

Observations

EURINR trading range for the day is 91.05-91.49.

Euro remained in range as markets increased their bets on the European Central Bank monetary easing path.

Producer prices in Germany dropped 1.4% year-on-year in September 2024.

ECB's Simkus says rates may need to go below 'natural' level

SELL EURINR OCT @ 91.25 SL 91.45 TGT 91.05-90.9

GBPINR

Observations

GBPINR trading range for the day is 109.13-109.99.

GBP dropped as dollar steadied underpinned by expectations of a more modest easing cycle from the Federal Reserve

UK retail sales data showed unexpectedly strong consumer spending in September, suggesting resilience in the economy

Markets now see around a 91% chance that the Fed will lower rates by a milder 25 basis points in November

BUY GBPINR OCT @ 109.6 SL 109.3 TGT 109.9-110.2.

JPYINR 

Observations

JPYINR trading range for the day is 56.01-56.27.

JPY steadied after fresh verbal warnings from the government, raising fears of another currency intervention.

Data showed that Japan’s headline and core inflation rates slowed to a five-month low of 2.5% and 2.4%, respectively, in September.

Japan’s Mimura reiterate government warnings that they are closely watching currency moves and that excess volatility is undesirable.

SELL JPYINR OCT @ 56.1 SL 56.3 TGT 55.9-55.7.