Daily Forex Report by www.epicresearch.co 18th January 2013

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indore, India (prHWY.com) January 18, 2013 - HEADLINE
Rupee hits 1-month high on diesel price action
The rupee is at 54.25/26 after dropping to a more than one-month low of 54.2250, its highest since December 13 and stronger compared to its previous close of 54.69/70 State-run oil marketing companies can now raise diese prices in line with increases in global crude oil prices, Oi Minister Veerappa Moily said on Thursday, a move tha could help the government reduce its vast subsidy bill Traders said the move would also help contain the government's wide fiscal deficit, which is a positive for the rupee. The euro rose to a 9-1/2 month high against the sterling on Thursday as worries about the poor UK economic outlook contrasted with better sentiment towards the single currency.
Rupee gains against dollar in late morning trade
In line with equity market, the rupee recovered by three paise to quote 54.66 against the American currency in late morning trade today on renewed selling of dollars by banks and exporters amid sustained foreign capita inflows.
TRADING TIPS:
* SELL EUR/INR
* BELOW 72.64
* FOR TGT
* 72.49/72.34
* SL 72.84
PAST PERFORMANCE
* BUY USD/INR
* ABOVE 54.85
* FOR TGT
* 55.00/55.15
* SL 54.65
* SL TRIGGERED


ANALYSIS
DAILY USD/INR
* OPEN: 54.9325
* HIGH: 54.9325
* LOW: 54.2700
* CLOSE: 54.3875
* USD/INR LOOKS DOWNW
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR
* OPEN: 72.8100
* HIGH: 72.9300
* LOW: 72.4050
* CLOSE: 72.6475
* EUR/INR LOOKS DOWNW
* TREND: BEARISH
* STRATEGY: SELL ON RISE

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