Currency Update by Kedia Commodity

USDINR trading range for the day is 68.22-68.48.

Rupee snapped four-day losses on dollar selling by foreign banks and on speculation that the government of India would adhere to its path of fiscal consolidation.
The government had, earlier, set a fiscal deficit target of 3.5% for the current year and 3% for FY18 and FY19.
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 73.25-73.71.

Euro gained as dollar dropped at the start of President Donald Trump’s first full week in office amid concerns over the lack of clarity on his economic policies.
Bond purchases by the European Central Bank caused 6.5 percent devaluation in the euro against the US dollar since 2014 till the end of last year, reports said.
The euro area government debt declined in the third quarter, the European Central Bank said.

GBPINR trading range for the day is 85.22-86.56.

GBP pared gains after the U.K.'s Supreme Court ruled that the government can't trigger the Article 50 that starts the Brexit process without approval from parliament.
The court also said PM May won't have to ask the devolved governments -- Scotland, Northern Ireland and Wales -- before kicking off the exit negotiations.
The U.K. economy is set to undergo a fairly gradual dip and recover over the coming four years as the country is set to initiate steps to leave the EU this year.

JPYINR trading range for the day is 60-60.5.

JPY gained as dollar dropped weighed by concerns about the early days of U.S. President Donald Trump's administration that have so far been marred by protests.
Japan's government retained its economic assessment, saying the economy is on a moderate recovery.
The manufacturing sector in Japan continued to expand in January, and at a faster pace, the latest survey from Nikkei revealed with a PMI score of 52.8.