Daily Forex Report by epicresearch 8th February 2013

HEADLINE
Rupee gains against dollar in early trade
The rupee continued to rule firm in the late morning session by improving five paise to 53.11 per dollar on selling of dollars by banks in view of persistent foreign capital inflows. The rupee resumed higher at 53.12 per dollar as against the yesterday’s closing level of 53.16 per dollar at the Interbank Foreign Exchange Market and firmed up further to 53.07 per dollar before quoting at 53.11 per dollar at 1040 hrs.It moved in a range of 53.07 per dollar and 53.17 per dollar during the morning deals. Banks and exporters preferred to reduce their dollar position on the back of persistent foreign capital inflows into equity market. Foreign institutional investors bought shares worth net Rs 1137.95 crore yesterday as per provisional data from the stock exchanges.
TRADING TIPS:
• BUY USD/INR
• ABOVE 53.50
• FOR TGT
• 53.65/53.80
• SL 53.40
PAST PERFORMANCE
• SELL USD/INR
• BELOW 53.38
• FOR TGT
• 53.26/53.14
• SL 53.56
• UN EXECUTED
ANALYSIS
DAILY USD/INR
• OPEN: 53.2800
• HIGH: 53.5050
• LOW: 53.2300
• CLOSE: 53.4200
• USD/INR LOOKS UPWARDS
• TREND: BULLISH
• STRATEGY: BULLISH
DAILY EUR/INR
• OPEN: 72.0200
• HIGH: 72.5600
• LOW: 71.8700
• CLOSE: 72.4625
• EUR/INR LOOKS UPWARDS
• TREND: BULLISH
• STRATEGY: BUY ON DIPS

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