Daily Forex Report by www.epicresearch.co 5th March 2013

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indore, India (prHWY.com) March 5, 2013 - HEADLINE
Rupee inches higher; exporters seen selling
The rupee edged up to 54.88/89 versus its previous close of 54.90/91 on exporter dollar sales. Traders said corporate dollar selling of up to $250 million earlier in the session pushed the pair above the 55 level after it hit a near two-month low of 55.15 in opening deals. Traders said any dip in the pair will, however, be seen as an opportunity to buy the dollar, keeping the downward pressure on the pair. Weakness in the euro and domestic shares also likely to push down the pair.
TRADING TIPS
SELL EUR/INR
* BELOW 71.66
* FOR TGT
* 71.51/71.36
* SL 71.86
PAST PERFORMANCE
BUY EUR/INR
* ABOVE 71.95
* FOR TGT
* 72.10/72.25
* SL 71.75
* TARGET ACHIEVED
ANALYSIS
DAILY USD/INR CHART
OPEN: 55.4075
HIGH: 55.4400
LOW: 55.1250
CLOSE: 55.1575
* USD/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE
DAILY EUR/INR CHART
OPEN: 71.6600
HIGH: 72.1125
LOW: 71.6600
CLOSE: 71.6600
* EUR/INR LOOKS DOWNWARDS
* TREND: BEARISH
* STRATEGY: SELL ON RISE

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