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USDINR

Observations

USDINR trading range for the day is 83.46-83.74.

Rupee rose boosted by a rally in yuan, while dollar sales from state-run banks also helped.

The ADB retained India's growth forecast for the current fiscal at 7 per cent.

Interest rate futures are currently pricing in a 61% chance of the Fed delivering a 50 bps cut, compared to 53% a day earlier.

SELL USDINR SEP @ 83.7 SL 83.8 TGT 83.6-83.5.

EURINR

Observations

EURINR trading range for the day is 93.08-94.

Euro gains due to positive news from China and signals from US Federal Reserve officials that encouraged investors.

However, expectations for a rate cut by the ECB increased after disappointing economic data.

The Ifo business climate index for Germany dropped to 85.4 in September, down from 86.6 in August

SELL EURINR SEP @ 93.5 SL 93.7 TGT 93.3-93.1.

GBPINR

Observations

GBPINR trading range for the day is 111.4-112.5.

GBP dropped as investors turn their focus to next month's British budget and the Bank of England's interest rate decision.

BOE should take a cautious approach to cutting interest rates due to the risk of longer-term inflation pressures.

Markets expect just 40 bps more of cuts by December, which would leave the base rate closer to 4.50%.

BUY GBPINR SEP @ 111.8 SL 111.5 TGT 112.1-122.4.

JPYINR

Observations

JPYINR trading range for the day is 57.56-58.46.

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

BOJ said they have time to assess market and economic developments before adjusting monetary policy.

A leading indicator of Japan's service-sector inflation held steady at 2.7% in August

SELL JPYINR SEP @ 58 SL 58.2 TGT 57.8-57.6.