DAILY FOREX REPORT RESEARCH VIA 5/21/2013
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MARKET HEADLINES
ďƒ˜ Rupee near 2-1/2 month low against dollar The rupee was trading at 55.02/03 versus its close of 54.88/89 on Friday, tracking weakness in the domestic share market and good demand of dollar from importers. Traders said good demand for the US currency from oil importers and gold firms are weighing on the Indian currency. Traders, however, expect the pair to face a stiff resistance around 55.15 levels, holding it in a broad range of 54.50 to 55.15 band in the nearterm. Traders will continue to monitor domestic shares for cues on foreign fund flows.
ďƒ˜ Yuan ends up slightly as PBOC signals further appreciation China's yuan closed slightly higher on Monday after the central bank surprised the market and fixed the official midpoint almost unchanged despite a rally in the dollar. Spot yuan ended at 6.1389 against the dollar from 6.1419 at Friday's close after the People's Bank of China set the yuan's midpoint at 6.1998, almost flat from 6.1997 on Friday. Barring a reverse in capital inflows, several traders said they now forecast the yuan to appreciate to 6.0 against the dollar in coming months compared with 6.2 which they had predicted in early April.
ďƒ˜ Sterling falls versus dollar on talk of Federal Reserve reducing stimulus Sterling recovered from a six-week low against the dollar on Monday as the US currency dipped after recent strong gains, but it was still vulnerable to signs the US central bank may scale back monetary stimulus. Sterling was up 0.2 percent at $1.5202, off a low of $1.5158 hit on Friday when the dollar gained after US Federal Reserve officials called for the central bank to start tapering bond buying under its quantitative easing programme.
DAILY MARKET STATISTICS CURRENCY
EXPIRY
OPEN
HIGH
LOW
CLOSE
EURINR
29-May-2013
70.8000
71.0075
70.7025
70.9850
EURINR
26-Jun-2013
71.1225
71.2800
70.9825
71.2575
EURINR
29-Jul-2013
71.2900
71.5000
71.2900
71.5000
GBPINR
29-May-2013
83.6000
83.9100
83.5200
83.8725
GBPINR
26-Jun-2013
84.0550
84.2200
83.9850
84.2000
JPYINR
29-May-2013
53.5250
53.9050
53.5250
53.8775
JPYINR
26-Jun-2013
53.9000
54.1400
53.9000
54.1200
USDINR
29-May-2013
55.1150
55.2350
55.0325
55.1900
USDINR
26-Jun-2013
55.3000
55.4475
55.2500
55.4025
USDINR
29-Jul-2013
55.6000
55.7050
55.5225
55.6700
RBI REFERENCE RATE (As on 20TH MAY 2013) UNDERLYING
RATE
USDINR
55.0368
EURINR
70.6835
GBPINR
83.6064
JPYINR
53.6000
USDINR DAILY ANALYSIS
PIVOT POINTS S1-55.0700 S2-54.95000 PP-55.1525 R1-55.2725 R2-55.3550
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 70.9775 S2-70.9700 PP-70.9925 R1-71.0000 R2-71.0150
GBPINR DAILY ANALYSIS
PIVOT POINTS
S1-83.6250 S2-83.3775 PP-83.7675 R1-84.0150 R2-84.1575
54.9950
JPYINR DAILY ANALYSIS
PIVOT POINTS
S1- 53.6333 S2- 53.3892 PP-53.7692 R1- 54.0133 R2- 54.1492
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