USDINR: The Indian Rupee traded flat yesterday as Wholesale prices (WPI) fell for 15 consecutive months in January on the back of sliding global crude oil prices, after retail inflation in January rose to a 17-month high of 5.7%. This raised divergence between the two and adds to confusion for the policymakers.
EURINR: Euro plunged by 0.9 percent yesterday as European Central Bank (ECB) President Mario Draghi told the European Parliament on Monday that to make "the euro area more resilient, contributions from all policy areas are needed”, thereby hinting towards more easing.
At the bank's last monetary policy meeting in January, Draghi announced that the Governing Council would review and possibly reconsider its stimulus program in early March.
GBPINR:Sterling Pound traded lower by 0.5 percent yesterday as a bleak message from Financial Policy Committee member Adair Turner who forecasted that given the current conditions, the UK interest rate may not pass 2% by 2020. This along with the ongoing debate in the House of Commons over the UK-EU Referendum kept the Sterling Pound pressurized.
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