USDINR
USDINR in stuck in range bound , likely to commence Tuesday Session between 83.05 – 83.15 levels despite dollar inched lower snapping a five-week winning streak, as investors bided time ahead of the U.S. Federal Reserve's Jackson Hole.
USDINR TECHNICAL
Day Trend: - HOLD
Weekly Trend: - UPSIDE SELL
INTRADAY RANGE – 83.26 (83.17 – 83.09) 83.00
THE YUAN
China's currency fell to the weaker side of 7.3 per dollar earlier before rebounding after Reuters reported that state-owned Chinese banks were seen actively mopping up offshore yuan liquidity, a move that raised the cost of shorting the currency.
China earlier cut its one-year benchmark lending rate by 10 basis points (bps) and left its five-year rate unchanged, against economists' expectations for larger 15-bps cuts to both.
THE SOUTH KOREA
The Bank of Korea will leave its key policy rate unchanged at 3.50% for a fifth consecutive meeting on Thursday and hold it steady for the rest of this year as inflation continues to ease and household debt remains high, a Reuters poll.
THE YEN
Japan's threshold for currency market intervention on the yen is likely to be around 150 per dollar, investment bank JPMorgan analysts.
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