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USDINR

Observations

USDINR trading range for the day is 82.93-83.35.

Rupee closed weaker and posted a weekly loss, amid rising crude oil prices and persistent dollar demand from importers.

The University of Michigan consumer sentiment for the US fell to 67.7 in September of 2023 from 69.5 in the previous month

India posted a merchandise trade deficit of USD 24.2 billion in August 2023, the largest gap in ten months

SELL USDINR SEP @ 83.25 SL 83.4 TGT 83.08-82.96. 

EURINR

Observations

EURINR trading range for the day is 88.36-89.

Euro recovered from lows buoyed by expectations that a peak in rates at ECB had been reached.

The wage growth in the Eurozone eased slightly to 4.6% year-on-year during the second quarter of 2023

Hourly labor costs in the Euro Area rose by 4.5% year-on-year in the second quarter of 2023

SELL EURINR SEP @ 88.9 SL 89.1 TGT 88.65-88.45. 

GBPINR

Observations

GBPINR trading range for the day is 102.99-103.61.

GBP remained pressure as traders looked ahead to the Bank of England's interest rate decision next week.

Concerning domestic data and plunging demand for mortgages limited the room for the BoE to remain hawkish.

Dollar seen supported as new data consolidated evidence of resilience in the US economy 

SELL GBPINR SEP @ 103.4 SL 103.7 TGT 103.1-102.9. 

JPYINR

Observations

JPYINR trading range for the day is 56.2-56.64.

JPY seen under pressure as the BOJ remains a dovish outlier among global central banks

BOJ Governor Kazuo Ueda heightened expectations the central bank could shift away from its negative interest rate policy.

Data showed that producer prices in Japan rose the least in 29 months and decelerated for the eighth straight month 

SELL JPYINR SEP @ 56.5 SL 56.7 TGT 56.25-56.1.