Daily Forex Report By www.epicresearch.co - 21 November 2012

HEADLINES: No target or band set for rupee: Gokarn Reserve Bank will intervene in the forex market only to curb excessive volatility in exchange rate but stated there is no target set for

Indore, India (prHWY.com) November 21, 2012 - Daily Forex Report by www.epicresearch.co - 21 NOVEMBER 2012

HEADLINES:
No target or band set for rupee: Gokarn
Reserve Bank will intervene in the forex market only to
curb excessive volatility in exchange rate but stated
there is no target set for rupee, deputy governor Subir
Gokarn said here today."Our approach has been that
the exchange rate of the rupee should be market
determined and the Reserve Bank should be intervening
only to manage excessive volatility... without targeting
any particular level or band," Gokarn told an RBI-ADB
conference on 'Managing capital flows' here. From a
short-term perspective, the decision to intervene in
import-competing producers needs to be viewed in the
Euro slips after Moody's cuts France rating
The euro fell on Tuesday after Moody's stripped France
of its prized triple-A rating, while the yen hovered near
a seven-month low against the dollar ahead of a Bank of
Japan policy decision due later in the day. The Moody's
downgrade of France chilled the euro, which had rallied
to its highest level in nearly two weeks the previous day.
TRADING TIPS
BUY USD/INR
ABOVE 55.15
FOR TGT
55.35/55.55
SL 54.95
PAST PERFORMANCE
SELL EUR/INR
BELOW 70.35
FOR TGT 70.15
SL70.55
TARGET ACHIEVED
DAILY USD/INR ANALYSIS:
OPEN: 54.8750
HIGH: 55.1700
LOW: 54.8225
CLOSE: 55.1400
ï‚· USD/INR LOOKS SIDEWAYS
ï‚· TREND: CONSOLIDATED
ï‚· STRATEGY: BUY ON DIPS
DAILY EUR/INR ANALYSIS:
OPEN: 70.3500
HIGH: 70.6425
LOW: 70.1000
CLOSE: 70.6050
ï‚· EUR/INR LOOKS SIDEWAYS
ï‚· TREND: CONSOLIDATED
ï‚· STRATEGY: BUY ON DIPS
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