The Rupee Ended Flat as Traders Awaited RBI Policy

  • Forex Analysis

USDINR trading range for the day is 82.81-82.99.
1. Rupee ended flat due to limited risk appetite as traders awaited cues from RBI's monetary policy decision.
2. Growth prospects intact in FY24 but external headwinds weigh: Finance Ministry.
3. Services activity hits a 13-year high in July.
 
EURINR trading range for the day is 90.83-91.21.
1. Euro dropped as risk sentiment improved, while investors look ahead to key US inflation data.
2. The ECB's Survey showed the median respondent in the June edition expected inflation to average 3.4% over the next 12 months.
3. Euro zone June retail sales fall 1.4% y/y.
 
GBPINR trading range for the day is 105.27-106.03.
1. GBP remained in range as markets continued to assess the macroeconomic data.
2. A survey showed British retailers logged their slowest sales growth in 11 months in July.
3. Speculators cut their bullish sterling positions for the second week in a row in the week to Aug 1.
 
JPYINR trading range for the day is 57.85-58.23.
1. JPY dropped amid signs of economic resilience in the US.
2. Japan machine tool orders fall 19.8% YOY in July.
3. Latest data showed that Japan’s current account surplus surged in June.

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