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USDINR

Observations

USDINR trading range for the day is 83.89-84.05.

Rupee declined tracking weakness across other major

Asian currencies India Manufacturing PMI dropped to 57.5 in August 2024, compared to flash estimate of 57.9

Moody's revised India's economic growth forecast upwards to 7.2% for 2024 and to 6.6% for 2025

SELL USDINR SEP @ 84 SL 84.1 TGT 83.9-83.8.

EURINR

Observations

EURINR trading range for the day is 92.75-93.17.

Euro steadied as traders bet the ECB will cut interest rates for a second time.

Eurozone manufacturing PMI confirmed the manufacturing sector remained in contraction in August, weighed down by Germany and France.

The HCOB Germany Manufacturing PMI was revised slightly higher to 42.4 in August 2024

SELL EURINR SEP @ 93.1 SL 93.3 TGT 92.9-92.7.

GBPINR

Observations

GBPINR trading range for the day is 110.02-110.52.

GBP dropped as British house prices unexpectedly fell in August for their first monthly drop since April

British lenders approved the highest number of mortgages in July since the start of the "mini-budget" crisis in 2022

BoE cut its main interest rate by 25 bps in early August, and traders see further rate cuts of 41 bps by the end of the year.

SELL GBPINR SEP @ 110.4 SL 110.7 TGT 110.1-109.9.

JPYINR

Observations

JPYINR trading range for the day is 57.28-58.16.

JPY dropped facing pressure from a stronger dollar as US inflation reading prompted traders to pare bets on an aggressive Fed rate cut.

Japan Manufacturing PMI was revised upward to 49.8 in August 2024 from flash data of 49.5.

Japanese companies increased spending on plant and equipment by 7.4% year-on-year in the second quarter of 2024

SELL JPYINR SEP @ 57.6 SL 57.8 TGT 57.4-57.2.