Daily Forex Report by www.epicresearch.co 19th March 2013

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Indore, India (prHWY.com) March 19, 2013 - HEADLINE
Rupee weaker; seen ranged ahead of RBI's policy
Rupee trading at 54.28/29 versus its previous close of 54.02/03, tracking losses in the domestic equity market and a broad risk-off globally. Stocks and commodities fell sharply in Asia on Monday as investors were rattled by a radical bailout plan for Cyprus and piled into safer assets including the US dollar, gold and sovereign debt. The main share index is down 0.8 per cent. Most Asian currencies are trading weaker compared with the dollar. Traders expect the pair to hold in a 54.10 to 54.40 range ahead of the central bank's policy review on Tuesday, where it is widely expected to cut rates by at least 25 basis points.
TRADING TIPS:
SELL USD/INR
* BELOW 54.29
* FOR TGT 54.14/53.99
* SL 54.49
PAST PERFORMANCE
SELL USD/INR
* BELOW 54.19
* FOR TGT 54.04/53.89
* SL 54.39
* UNEXECUTED
ANALYSIS
DAILY USD/INR
OPEN: 54.3700
HIGH: 54.4675
LOW: 54.2250
CLOSE: 54.2950
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 70.4450
LOW: 70.4450
HIGH: 70.1125
CLOSE: 70.3275
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE


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