Rupee Fell as Rising Tensions in the Black Sea and Growing Anxiety in China

  • Forex Analysis

# USDINR trading range for the day is 82.89-83.31.
# Rupee dropped amid signs of escalating tensions in the Black Sea and mounting concerns in China.
# Retail price inflation in India jumped to 7.44% in July 2023, the highest since April 2022.
# India's merchandise trade deficit narrowed to USD 20.67 billion in July 2023.

# EURINR trading range for the day is 90.59-91.31.
# Euro remained in range as investors are divided on whether the ECB will deliver another interest rate increase.
# Data showed that core inflation in the Euro Area did not slow down in July as anticipated.
# Euro zone producer prices fell for a sixth consecutive month and by more than expected in June, data showed.

# GBPINR trading range for the day is 104.92-105.98.
# GBP gains as a positive growth surprise in the British economy firmed expectations of further tightening.
# The UK GDP expanded by 0.2% in the second quarter, surpassing market expectations.
# The UK trade deficit shrank to £4.79 billion in June 2023 from an upwardly revised £7.66 billion in May.

# JPYINR trading range for the day is 57.31-57.65.
# JPY remained in range as traders looked for clues on possible intervention.
# Investors anticipated several domestic data, including Japan's GDP and CPI data as well as trade figures this week.
# Producer prices in the country rose the least in over two years and slowed for the 7th straight month in July.

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