Daily Forex Report By www.epicresearch.co - 02-Jan-2013

HEADLINES: * Rupee gains at open in 2013; U.S. 'fiscal cliff' deal aids The rupee rose in opening trade on Tuesday, boosted by a deal to avert the U.S. "fiscal cliff", but gains were capp

indore, India (prHWY.com) January 2, 2013 - Daily Forex Report by www.epicresearch.co - 02 January 2013

HEADLINES:
* Rupee gains at open in 2013; U.S. 'fiscal cliff' deal aids
The rupee rose in opening trade on Tuesday, boosted by a
deal to avert the U.S. "fiscal cliff", but gains were capped
by a surge in the country's current account deficit. At 9:06
a.m. (0336 GMT), the partially convertible rupee was at
54.82/83 per dollar versus its previous close of
54.99/55.00.The White House and congressional
lawmakers have reached a deal to avoid the "fiscal cliff"
that would delay harsh spending cuts by two months,
Obama administration officials said on Monday. India's
current account deficit widened to a record high of 5.4
percent of GDP in the September quarter as export growth
slowed more sharply than imports, with a similar gap
expected in the December quarter likely to prolong
weakness in the rupee.

* Rupee stabilises further against dollar, up 24 paise
The Indian rupee stabilized further against the American
currency in the late morning trade by surging 24 paise to
54.75 per dollar on persistent selling of dollar by banks

TRADING TIPS
* SELL USD/INR
* BELOW 55.00
* FOR TGT
* 54.85/54.70
* SL 55.15
PAST PERFORMANCE
* BUY USD/INR
* ABOVE 55.20
* FOR TGT
* 55.35/55.50
* SL 55.05
* UNEXECUTED
DAILY USD/INR ANALYSIS:
* OPEN: 54.9475
* HIGH: 55.1650
* LOW: 54.9150
* CLOSE: 55.0225
* * USD/INR LOOKS SIDEWAYS
* * TREND: CONSOLIDATED
* * STRATEGY: SELL ON RISE
DAILY EUR/INR ANALYSIS:
* OPEN: 72.7500
* HIGH: 72.9900
* LOW: 72.6025
* CLOSE: 72.7175
* * EUR/INR LOOKS SIDEWAYS
* * TREND: CONSOLIDATED
* * STRATEGY: SELL ON RISE

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