Rupee Extended Its Fall As Broad Risk Aversion Weighed On Sentiment

Published 04-08-2023, 08:44 am
USD/INR
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EUR/INR
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JPY/INR
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SPGI
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# USDINR trading range for the day is 82.61-82.97.
# Rupee extended its fall as broad risk aversion weighed on sentiment, pushing to its lowest level in more than two months.
# The S&P Global (NYSE:SPGI) India Services PMI unexpectedly rose to 62.3 in July 2023 from June's three-month low of 58.5
# India's central bank likely sold dollars via state banks at 82.75 – 82.80 rupee level.

# EURINR trading range for the day is 90.34-90.8.
# Euro dropped amid renewed concerns about the widening policy gap between the US and Europe.
# The trade surplus in Germany widened to €18.7 billion in June 2023 from an upwardly revised €14.6 billion in May
# ECB President Christine Lagarde said a change in interest rates in September will solely depend on data.

# GBPINR trading range for the day is 104.08-105.72.
# GBP dropped after the Bank of England raised its Bank rate by 25bps
# The S&P Global/CIPS UK Services PMI was confirmed at 51.5 in July of 2023, down from 53.7 the prior month
# Policymakers noted that given the significant increase in interest rates, the current monetary policy stance is restrictive.

# JPYINR trading range for the day is 57.61-58.59.
# JPY remained in range as investors continued to assess the impact of the Bank of Japan's policy adjustment
# The au Jibun Bank Japan Services PMI was at 53.8 in July 2023, compared with a flash print of 53.9 and a final 54.0 in June
# The BOJ kept its policy rates unchanged but took steps to make its yield curve control more flexible.

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