Weekly Forex Report by www.epicresearch.co 18th March 2013

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Indore, India (prHWY.com) March 18, 2013 - HEADLINE
Rupee rises to 2-week high ahead of RBIreview next week
The rupee rose to a two-week high on Friday, notching up a second consecutive week of gains, helped by nflows tied to a domestic share sale and by a weaker dollar after strong US data raised chances of an early retreat from monetary easing. The rupee also benefited as the dollar weakened globally after strong US economic data raised the prospect the US Federal Reserve may retreat earlier from its monetary easing programme.
Dollar takes a breather, yen steady after BOJ chief approved
The dollar took a break from its recent sprint on Friday as sterling enjoyed a short squeeze and the yen was propped up by profit-taking in the US currency after Japan's parliament approved new leadership at the Bank of Japan, as expected. The dollar index pulled back slightly to 82.501, further retreating from a seven-month peak of 83.166 hit the previous day, though it is up 4 per cent from its February 1 trough of 78.918.
Yen stronger in Asia after BoJ team approved
The yen strengthened in morning Asian trade on Fridayafter Japan's parliament approved a new management eam for the country's central bank, which is expected launch aggressive easing measures.
RBI REFERENCE RATE
As on 15 MARCH 2013
UNDERLYING RATE
USDINR 54.1605
EURINR 70.5023
GBPINR 81.7444
JPYINR 56.3600
ANALYSIS
DAILY USD/INR
OPEN: 54.4100
HIGH: 54.4900
LOW: 53.9400
CLOSE: 53.9900
* USD/INR LOOKS SIDEWAYS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS

DAILY EUR/INR
OPEN: 70.7700
HIGH: 70.7900
LOW: 70.0800
CLOSE: 70.5100
* EUR/INR LOOKS SIDEWAYS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS

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