Daily Forex Report by www.epicresearch.co 7th February 2013
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Rupee set to rise modestly if reforms stick
The rupee will strengthen slightly over the next 12 months, building on recent gains following a series of reforms by the government aimed at bringing its finances under control, a poll showed. Those long-awaited reforms were welcomed by investors and revived capital inflows that have helped the currency after it was ravaged in the previous two years, hitting a record low close of 57.16 in June last year. The survey of 32 currency strategists conducted Feb 1-6 showed a median forecast that 53.24 rupees would buy one U.S. dollar in a month, little changed from current levels, with the currency possibly dipping back to 53.50 in six months and then recovering modestly to 52.50 in a year for a gain of around 1 percent.
TRADING TIPS:
* SELL USD/INR
* BELOW 53.38
* FOR TGT
* 53.26/53.14
* SL 53.56
PAST PERFORMANCE
* SELL EUR/INR
* BELOW 72.26
* FOR TGT
* 72.11/71.96
* SL 72.46
* TARGET ACHIEVED
ANALYSIS
DAILY USD/INR
* OPEN: 53.2000
* HIGH: 53.4350
* LOW: 53.1100
* CLOSE: 53.3875
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR
* OPEN: 72.2025
* HIGH: 72.3425
* LOW: 71.9875
* CLOSE: 72.2500
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
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