Daily Forex Report by www.epicresearch.co 11th March 2013

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indore, India (prHWY.com) March 11, 2013 - HEADLINE
Rupee at over 1-week high; share gains help
The rupee rose further to hit a more than 1-week hike of 54.3850 and is currently trading at 54.47/48 versus its previous close of 54.56/57. Gains in the domestic share market and euro are helping the Indian currency. Traders expect dollar inflows towards the stake-sale in RCF. The Indian government is selling a 12.5 per cent stake in the Rashtriya Chemicals and Fertilizers through an auction of shares to raise about $57 million. However, 54.40 is likely to be a decent resistance for the pair during the session, traders said.
TRADING TIPS:
SELL EUR/INR
* BELOW 71.55
* FOR TGT
* 71.40/71.25
* SL 71.75
PAST PERFORMANCE
BUY USD/INR
* ABOVE 54.85
* FOR TGT
* 55.00/55.15
* SL 54.65
* UNEXECUTED
ANALYSIS
DAILY USD/INR
OPEN: 54.7475
HIGH: 54.7850
LOW: 54.5100
CLOSE: 54.5375
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 71.5000
LOW: 71.7325
HIGH: 71.3875
CLOSE: 71.5550
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE

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