Daily Forex Report by www.epicresearch.co 28th February 2013
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Rupee extends gains; share gains hurt
Rupee extends gains to 53.84/85 as gains in the domestic share market on optimism ahead of the budget hurt. It closed at 54.09/10 on Tuesday. Traders say market hopeful of more pro-investment measures which will boost inflows into the country. Dollar demand from oil companies, however, is expected to limit the downside. Traders do not expect the pair to drop below 53.75 during the session. Local shares are up 0.5 per cent while Asian shares also rise following solid data in the US and Federal Reserve's affirmation of its commitment to monetary stimulus.
TRADING TIPS
BUY EUR/INR
* ABOVE 71.53
* FOR TGT
* 71.68/71.83
* SL 54.33
PAST PERFORMANCE
SELL USD/INR
* BELOW 54.28
* FOR TGT
* 54.13/54.98
* SL 54.48
* TARGET ACHIEVED
ANALYSIS
DAILY USD/INR CHART
OPEN: 54.3175
HIGH: 54.3175
LOW: 53.8675
CLOSE: 53.8925
* USD/INR LOOKS DOWNWARDRS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR CHART
OPEN: 71.5375
HIGH: 71.6825
LOW: 71.5375
CLOSE: 71.5375
* EUR/INR LOOKS UPWARDS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS
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