The RBI Likely Sold Dollars To Prevent The Rupee From Falling To A New Record Low.

  • Forex Analysis

# USDINR trading range for the day is 83.25-83.39.
# Rupee closed little changed as RBI likely sold dollars to prevent the rupee from falling to a fresh record low.
# New orders for manufactured durable goods in the US unexpectedly rose 0.2% month-over-month in August 2023.
# FinMin confident of 6.5 percent growth in FY24 despite symmetric risks.

# EURINR trading range for the day is 87.76-88.44.
# Euro remained under pressure amid growing recession fears.
# German business morale deteriorated slightly in September, falling for the fifth month.
# European Central Bank's record high deposit rate could help cut inflation to 2%, ECB President Christine Lagarde said.

# GBPINR trading range for the day is 101.09-101.49.
# GBP eased as investors remained cautious while assessing the outlook for the economy, inflation and interest rates globally.
# Pressure is also seen on the back of the Bank of England's pause on its rate-hike cycle.
# UK policymakers are expected to keep the Bank Rate at 5.25% in November, given signs of slowing inflation and a loosening labor market.

# JPYINR trading range for the day is 56.09-56.43.
# JPY dropped after the BOJ maintained ultra-low interest rates.
# BOJ agreed to keep low rates, divided on exit timing – July meeting minutes.
# The index of coincident economic indicators in Japan, which covers a range of data, was revised lower to 114.2 in July 2023.

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