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In a brief overview of the financial landscape:

  • The Indian rupee remained stable as traders adjusted positions in anticipation of U.S. inflation data, which will impact the Federal Reserve’s rate hike decisions.
  • The rupee was trading at 82.9275 against the U.S. dollar, with little change from the previous session’s close at 82.9225.
  • Most Asian currencies, except for the onshore Chinese yuan, experienced slight declines, while the dollar index edged up to 104.64.
  • Market sentiment suggested a potential trimming of positions on USD/INR, especially on the long side, in anticipation of U.S. inflation data.
  • A key resistance level for the rupee was identified at 82.80, with the possibility of further appreciation to 82.50 if breached.
  • Rising crude oil prices raised concerns about the rupee’s strength, as Brent crude futures reached a 10-month high of $92.40 per barrel.
  • Weak buying interest was noted for USD/INR, with the outlook remaining positive only above 82.78.
  • U.S. core consumer price index (CPI) data for August was expected to show a 0.2% month-on-month increase, with potential implications for Fed tightening.
  • Current futures indicated low odds of a rate hike in the upcoming month’s meeting, with approximately a 40% probability of one in November.