Daily Forex Report by www.epicresearch.co 13th March 2013

HEADLINE
Rupee off highs as rate cut hopes scaled back
The rupee off highs, at 54.27/28 after rising to 54.21 post better-than-expected factory data, 54.41/42 last close. “The market anticipated a further high of 54.15, but that did not happen. So that’s why the pair bounced back,” said a private bank dealer. The dealer added forwards will get paid as some rate cut hopes may be pared back after better IIP, high consumer inflation. January industrial production came in at a firmer 2.4 per cent on year, while CPI rose 10.91 per cent.
TRADING TIPS:
SELL USD/INR
• BELOW 54.42
• FOR TGT 54.27/54.12
• SL 54.62
PAST PERFORMANCE
SELL EUR/INR
• BELOW 70.99
• FOR TGT 70.84/70.69
• SL 71.19 TARGET ACHIEVED
ANALYSIS
DAILY USD/INR
OPEN: 54.5100
HIGH: 54.5875
LOW: 54.3600
CLOSE: 54.4200
• USD/INR LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE
DAILY EUR/INR
OPEN: 70.9200
LOW: 71.0450
HIGH: 70.7325
CLOSE: 70.7875
• EUR/INR LOOKS DOWNWARDS
• TREND: BEARISH
• STRATEGY: SELL ON RISE

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