* USDINR trading range for the day is 63.4-64.1.
* Rupee traded at one-week low on likely selling by oil importers and as dollar rose to one week high.
* Activity in India’s services industry bounced back to modest growth in December after contracting in the previous month, a private survey showed.
* India’s annual infrastructure output grew 6.8 percent in November from a year ago, government data showed.
* EURINR trading range for the day is 76.06-76.4.
* Euro dropped as investors appeared to take profit on the euro following its recent rally.
* Eurozone economic confidence strengthened further in December, reaching its highest level seen since late 2000.
* Eurozone retail sales rebounded strongly in November, surpassing expectations, preliminary data from Eurostat showed.
* GBPINR trading range for the day is 86.07-86.65.
* GBP gained after a cabinet reshuffle alleviated a little of the political uncertainty that has pressured the UK currency in recent months.
* PM May named a new head of her ruling Conservatives, among other changes aimed at handing her government a new start after months of divisions over Brexit.
* Many investors said that while the reshuffle had removed some uncertainty, it would be unlikely to have a long-term positive influence on the pound.
* JPYINR trading range for the day is 56.33-56.87.
* JPY jumped after the Bank of Japan’s slight reduction to its bond purchases reminded investors that it will eventually normalise policy.
* Japan’s central bank trimmed its purchases of Japanese government bonds (JGBs).
Yesterday rupee depreciated by 0.31 percent as dollar index strengthened by 0.18 percent. Rupee had depreciated on account of steady uptick in dollar demand from importers and banks amid increasing crude oil prices. Also, the FY18 GDP growth estimates for India came in 6.5% which was the lowest in last 4 years. Effects of demonization and GST were cited as the reason for this slow growth. However, Indian equity market remained positive during the day with a surge of around 0.13 percent in Nifty Index.
The US dollar rose against major global currencies as several Federal Reserve officials made remarks about rate hikes. Also, the manufacturing PMI from US came in at 59.7 for Dec’17 which was higher than market sentiments. The Non-farm employment data came in at 148,000 for Dec’17 which was below market expectations of 190,000. Non-manufacturing PMI also could not live up to market expectations of 57.6 for Dec’17 and ended up at 55.9.AFTER POST CONTENT
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