Daily Forex Report by www.epicresearch.co 14th March 2013
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Rupee up 5 paise against dollar in late morning deals
Surrendering most of its early gains, the rupee was quoting higher by 5 paise to 54.13 in late morning deals on dollar selling by banks and exporters amid persistent capital inflows from foreign funds. Weakness of dollar in the overseas market helped the local currency to appreciate, forex dealers said. The rupee resumed higher at 54.15 per dollar as against yesterday's closing level of 54.18 at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 54.03-54.20 before quoting at 54.13 per dollar at 1050 hrs. In the New York market, the dollar index ended a see-saw session with a slight loss yesterday, while the British pound tumbled after dismal UK industrial production figures underlined fears of a triple-dip recession.
TRADING TIPS:
SELL EUR/INR
* BELOW 70.87
* FOR TGT 70.72/70.57
* SL 71.07
PAST PERFORMANCE
SELL USD/INR
* BELOW 54.42
* FOR TGT 54.27/54.12
* SL 54.62 TARGET ACHIEVED
ANALYSIS
DAILY USD/INR
OPEN: 54.3700
HIGH: 54.5350
LOW: 54.2500
CLOSE: 54.5025
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 70.7875
LOW: 71.0450
HIGH: 70.7350
CLOSE: 70.8700
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
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