Weekly Forex Report by www.epicresearch.co 18th February 2013

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indore, India (prHWY.com) February 18, 2013 - HEADLINE
Rupee drops to lowest in a month on stocks, euro weakness
The rupee fell to its lowest in nearly a month on Friday, hurt by weaker local shares and a slump in the euro following weak economic growth data.The weakness in the stock markets ahead of the budget has raised concerns about future capital BSE -4.15 % inflows, which has been crucial to the rupee's fortunes, making it one of Asia's top winners in 2013 so far.
Sterling recovers as investors position for upbeat data
Sterling recovered from a six-month low against the dollar on Friday on expectations of stronger UK retail sales data, although traders said gains may be temporary given worries about the growth outlook. The pound has fallen heavily since the Bank of England quarterly inflation report on Wednesday forecast higher inflation and weak growth
Euro slips to 3-week low versus dollar
The euro dropped to a three-week low against the dollar on Friday, weighed down by selling from long term and Middle east investors, traders said. The singlecurrency fell 0.3 percent to $1.3311, its lowest level since Jan. 24, with stop loss less orders getting triggered on its drop below $1.3320. More stops are cited below $1.3300.
RBI REFERENCE RATE
As on 18 FEBRUARY 2013
UNDERLYING RATE
USDINR 53.5885
EURINR 72.0865
GBPINR 83.7200
JPYINR 58.3800

ANALYSIS
DAILY USD/INR
OPEN: 53.6900
HIGH: 54.2300
LOW: 53.5800
CLOSE: 54.1800
* USD/INR LOOKS SIDEWAYS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS


DAILY EUR/INR
OPEN: 71.7700
HIGH: 72.5700
LOW: 71.6700
CLOSE: 72.2200
* EUR/INR LOOKS SIDEWAYS
* TREND: BULLISH
* STRATEGY: BUY ON DIPS

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