Euro gained compared to USD after the statement of ECB' Mersch regarding the ABS market. European agencies are looking at ways to restart ABS market to increase the lending for SME sector.

The Euro gained further ground after the statement. There was speculation and the Euro was trading at 1.3160 compared to USD.

In terms of GBP/ USD, the demand was higher before the BoE policy decision today. GBP/USD was at 1.5539.

Indian currency lost further ground to USD after a good start for the day. USD-INR was at 54.25 while Euro-INR was at 71.40.