Daily Forex Report by www.epicresearch.co 7th February 2013

Rupee set to rise modestly if reforms stick The rupee will strengthen slightly over the next 12 months, building on recent gains following a series of reforms by the government aimed at bringing its finances under control,

ListFree.org (Press Release) - Thursday, February 7th, 2013

HEADLINE
Rupee set to rise modestly if reforms stick
The rupee will strengthen slightly over the next 12 months, building on recent gains following a series of reforms by the government aimed at bringing its finances under control, a poll showed. Those long-awaited reforms were welcomed by investors and revived capital inflows that have helped the currency after it was ravaged in the previous two years, hitting a record low close of 57.16 in June last year. The survey of 32 currency strategists conducted Feb 1-6 showed a median forecast that 53.24 rupees would buy one U.S. dollar in a month, little changed from current levels, with the currency possibly dipping back to 53.50 in six months and then recovering modestly to 52.50 in a year for a gain of around 1 percent.
TRADING TIPS:
• SELL USD/INR
• BELOW 53.38
• FOR TGT
• 53.26/53.14
• SL 53.56
PAST PERFORMANCE
• SELL EUR/INR
• BELOW 72.26
• FOR TGT
• 72.11/71.96
• SL 72.46
• TARGET ACHIEVED
ANALYSIS
DAILY USD/INR
• OPEN: 53.2000
• HIGH: 53.4350
• LOW: 53.1100
• CLOSE: 53.3875
• USD/INR LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE

DAILY EUR/INR
• OPEN: 72.2025
• HIGH: 72.3425
• LOW: 71.9875
• CLOSE: 72.2500
• EUR/INR LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE

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