Daily Forex Report By Epicresearch 5th February 2013

The rupee failed to maintain its initial gains against the US dollar on Monday, but was still quoted higher by 13 paise to 53.06 per dollar in the late morning trade on selling of dollars by banks amidst weakness of dollar overseas.

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HEADLINE

Rupee off from record highs; trading above 53 against dollar

The rupee failed to maintain its initial gains against the US dollar on Monday, but was still quoted higher by 13 paise to 53.06 per dollar in the late morning trade on selling of dollars by banks amidst weakness of dollar overseas. Rupee breached the key 53-level by gaining 26 paise to trade at fresh three-and-a-half-month high of 52.90 in early trade today against the dollar. The rupee resumed higher at 53.02 per dollar as against the last weekend's level of 53.19 per dollar at the Interbank Foreign Exchange (Forex) market and firmed up further to a high of 52.93 per dollar on persistent foreign capital inflows.

TRADING TIPS:

· SELL USD/INR

· BELOW 53.40

· FOR TGT

· 53.28/53.16

· SL 53.58

PAST PERFORMANCE

· SELL USD/INR

· BELOW 53.44

· FOR TGT

· 53.29/53.14

· SL 53.64

· UNEXECUTED

ANALYSIS

DAILY USD/INR

· OPEN: 53.2900

· HIGH: 53.4800

· LOW: 53.0825

· CLOSE: 53.4375

· USD/INR LOOKS DOWNWARDS

· TREND: BEARISH

· STRATEGY: SELL ON RISE

 

 

DAILY EUR/INR

· OPEN: 72.7175

· HIGH: 72.7175

· LOW: 72.2900

· CLOSE: 72.4550

· EUR/INR LOOKS DOWNWARDS

· TREND: BEARISH

· STRATEGY: SELL ON RISE

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