Daily Forex Report by www.epicresearch.co 29th January 2013

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indore, India (prHWY.com) January 29, 2013 - Rupee posts biggest fall in 3 weeks a day ahead of policy
Rupee weakened on Monday, posting its biggest singleday fall in three weeks, on the back of heavy dollar buying by oil firms and other importers looking to meet monthend demand, while weak regional sentiment added to the downside. Almost all Asian currencies weakened against the dollar while global equities saw some consolidation after recent gains as investors awaited confirmation that the financial market conditions and the outlook for the euro area have improved. Some caution also prevailed ahead of the Reserve Bank of India policy review on Tuesday, when the central bank is widely expected to cut interest rates by 25 basis points, its first cut in the key lending rate since April 2012.In its macro-economic report, released close to the market closing time, the central bank said a sustained commitment to contain fiscal and current account deficits was needed to create room for monetary easing.
* TRADING TIPS
BUY USD/INR
ABOVE 54.00
FOR TGT
54.15/54.30
SL 53.80
PAST PERFORMANCE
* BUY USD/INR
ABOVE 53.70
FOR TGT
53.82/53.94
SL 53.50
* UNEXECUTED
DAILY EUR/INR CHART
ANALYSIS
OPEN: 72.3025
HIGH: 72.6150
LOW: 72.3025
CLOSE: 72.5450
* EUR/INR LOOKS SIDEWAYS
* TREND: CONSLODATED
* STRATEGY: BUY ON DIPS
DAILY USD/INR CHART
ANALYSIS
OPEN: 53.8250
HIGH: 53.9625
LOW: 53.7725
CLOSE: 53.9425
* USD/INR LOOKS SIDEWAYS
* TREND: CONSOLIDATED
* STRATEGY: BUY ON DIPS

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