Daily Forex Report by www.epicresearch.co 21th March 2013

Rupee down 3 paise vs US dollar in late morning deals Paring most of early losses, the rupee was quoting down by three paise at 54.40

Indore, India (prHWY.com) March 21, 2013 - HEADLINE
Rupee down 3 paise vs US dollar in late morning deals
Paring most of early losses, the rupee was quoting down by three paise at 54.40 in the late morning deals today due to persistent dollar demand from importers amid weak local equity market, following withdrawal of support by DMK to the Congress-led UPA government. The local currency resumed lower at 54.54 per dollar as against the last closing level of 54.37 per dollar at the Interbank Foreign Exchange (Forex) Market and moved down further to 54.56 per dollar before quoting at 54.40 per dollar at 1040 hrs. It moved in a range of 54.37 and 54.56 during the morning deals. In New York, the euro slipped below 1.29 against the dollar yesterday following reports that the parliament in Cyprus voted against a controversial plan to tax bank deposits as part of a bailout package.
TRADING TIPS:
SELL USD/INR
* ABOVE 54.35
* FOR TGT 54.20/54.05
* SL 54.55
PAST PERFORMANCE
BUY USD/INR
* ABOVE 54.50
* FOR TGT 54.65/54.80
* SL 54.30
* TARGET ACHIEVED
ANALYSIS
DAILY USD/INR
OPEN: 54.6000
HIGH: 54.6500
LOW: 54.3575
CLOSE: 54.4450
* USD/INR LOOKS DOWNUPWARDS
* TREND: BEAISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 70.4950
LOW: 70.4950
HIGH: 70.0475
CLOSE: 70.3325
* EUR/INR LOOKS DOWNEARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE


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