DAILY FOREX REPORT RESEARCH VIA 4/17/2013
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MARKET HEADLINES
Rupee hits 2-week high; buying seen at 54.34 levels The rupee extended gains to 54.33/34, its highest since April 2 and up from its Monday's close of 54.6250/6350, tracking gains in domestic shares as slumping commodity and gold prices are reducing the pressure on India's record current account deficit. The Sensex is up 1.3 per cent. Traders say the sentiment for dollar also remains weak as the global commodities sell-off reduced demand for the greenback. Buying is expected below 54.34 levels and downside is likely to be limited around 54.25 for the day, traders said.
Sterling edges up against dollar but market wary before UK data Sterling edged up against the dollar on Tuesday but fell against the euro and was seen as vulnerable to concerns over global growth and upcoming data that may highlight Britain's own economic weakness. Figures due at 0830 GMT are expected to show UK annual CPI inflation staying high at 2.8 per cent. Sterling was up 0.1 per cent against the dollar at $1.5304 , recovering from a low of $1.5269 hit on Monday. However, it remained well below last week's peak of $1.5412, which was its highest level since Feb. 20. The euro was up 0.15 per cent at 85.39 pence, staying comfortably above the April 1 low of 84.115 pence.
Yuan closes at record high for third day as PBOC sets strong midpoint The yuan closed at another record high against the dollar for the third straight day on Tuesday after the central bank set an unusually strong midpoint, but traders in the offshore market are signalling they think the currency is set to peak.
DAILY MARKET STATISTICS CURRENCY
EXPIRY
OPEN
HIGH
LOW
CLOSE
EURINR
26-Apr-2013
71.2500
71.3775
70.9125
71.0950
EURINR
29-May-2013
71.8000
71.8000
71.3325
71.5125
EURINR
26-Jun-2013
72.0000
72.0000
71.6950
71.9000
GBPINR
26-Apr-2013
83.5000
83.6000
82.9200
82.9825
GBPINR
29-May-2013
86.7900
86.7925
83.3925
83.4250
JPYINR
26-Apr-2013
56.4975
56.4975
55.3900
55.4625
JPYINR
29-May-2013
57.3500
57.3500
55.7350
55.7675
USDINR
26-Apr-2013
54.7150
54.7500
54.1950
54.2300
USDINR
29-May-2013
55.0000
55.0475
54.5175
54.5500
USDINR
26-Jun-2013
55.3500
55.3500
54.8400
54.8675
RBI REFERENCE RATE (As on 16TH April 2013) UNDERLYING
RATE
USDINR
54.3290
EURINR
71.0531
GBPINR
83.1723
JPYINR
55.7000
USDINR DAILY ANALYSIS
PIVOT POINTS S1-54.0417 S2-53.8533 PP-54.3833 R1-54.5717 R2-54.9133
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 70.8792 S2-70.6633 PP-71.1283 R1-71.3442 R2-71.5933
GBPINR DAILY ANALYSIS
PIVOT POINTS
S1- 82.7350 S2-82.4875 PP-83.1675 R1-83.4150 R2-83.8475
JPYINR DAILY ANALYSIS
PIVOT POINTS
S1- 55.0758 S2- 54.6892 PP-55.7867 R1- 56.1733 R2- 56.8842
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