USDINR trading range for the day is 67.89-68.31. Rupee appreciated for the second straight day on dollar selling by foreign banks amid weakness in the dollar index. India’s retail inflation hit a two-year low in December as businesses resorted to price discounting to boost flagging sales.
India’s trade deficit narrowed to $10.37 billion in December from provisional $13 billion a month ago, government data showed. EURINR trading range for the day is 72.22-73.11. Euro gained as improvements in the Euro’s fundamental drivers in the short-term continue to shield the single currency from longer-term political concerns.
The trade data are another indicator, after figures last week pointed to a manufacturing sector revival, that Euro-Zone GDP growth improved in the fourth quarter of 2016. The Euro-Zone recorded a €25.9 billion surplus in trade in goods with the rest of the world in November 2016.
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