Daily Forex Report by www.epicresearch.co 25th January 2013

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indore, India (prHWY.com) January 24, 2013 -  HEADLINES
Indian Rupee extends loses on strong demand for dollar by oil firms .Rupee extends loses to 53.85/86 versus its previous close of 53.6650/6750, tracking a further decline in the domestic share market and on the back of strong dollar demand from oil firms. Traders say there are no dollar inflows in a holiday-shortened week, with banks preferring to cover short positions ahead of the long weekend. Forex and debt markets are closed on Friday for a local holiday. Demand from oil firms also stronger due to the approaching month-end, when firms need to pay for their imports.
TRADING TIPS

 BUY USD/INR
ABOVE 53.70
FOR TGT
53.82/53.94
SL 53.50

PAST PERFORMANCE
 SELL USD/INR
BELOW 53.64
FOR TGT
53.52/54.40
SL 53.84
UNEXECUTED

ANALYSIS
OPEN: 53.6600
HIGH: 53.8925
LOW: 53.5900
CLOSE: 53.6950
* USD/INR LOOKS SIDEWAYS
* TREND: CONSOLIDATED
* STRATEGY: BUY ON DIPS

ANALYSIS


OPEN: 71.5000

HIGH: 71.8450

LOW: 71.3450
CLOSE: 71.5750

* EUR/INR LOOKS SIDEWAYS

* TREND: CONSLODATED

* STRATEGY: BUY ON DIPS


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