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Rupee Stays Range-Bound Between Negative Global Cues and Central Bank Support

Published 05-09-2024, 09:22 am
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# USDINR trading range for the day is 83.98-84.14.
# Rupee remained in range as it stayed wedged between negative global cues and support from the central bank.
# The odds of a 50-basis-point rate cut at the Federal Reserve's Sept. 17-18 meeting increased to 42% from 30%.
# The World Bank has projected India's economy to expand by 7% in the current financial year.

# EURINR trading range for the day is 92.81-93.05.
# Euro remained in range amid concerns about the health of the global economy.
# Eurozone Services PMI rose to 52.9 in August of 2024 from 51.9 in the prior month
# Germany Composite PMI was revised slightly lower to 48.4 in August 2024 from a preliminary of 48.5.

# GBPINR trading range for the day is 109.94-110.48.
# GBP traded in range as expectations of diverging monetary policies between the US and the UK continue to support.
# British consumer spending increased modestly in annual terms during August
# The BoE recently lowered its main interest rate to 5% and traders expect additional cuts totaling 41 basis points by year-end.

# JPYINR trading range for the day is 57.46-58.24.
# JPY gains as weak US manufacturing data fueled recession fears, spurring demand for safe-haven assets.
# BOJ policymakers said recently that they are ready to adjust monetary settings if their economic projections materialize.
# The au Jibun Bank Japan Services PMI was revised lower to 53.7 in August 2024.

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