DAILY FOREX REPORT RESEARCH VIA 4/25/2013
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MARKET HEADLINES
Yuan closes near record high; link to Asian currencies in focus China's closed slightly stronger on Tuesday, approaching the record high touched last week, after the central bank set a stronger midpoint in response to a fall in the dollar overnight. The People's Bank of China (PBOC) has set a series of strong midpoints in recent weeks, which pushed the spot rate to a record high of 6.1723 per dollar last Wednesday. The yuan closed at 6.1791 on Tuesday, 0.11 percent shy of that record, after strengthening to 6.1756 earlier in the day. In setting a strong midpoint on Tuesday, the PBOC's followed its traditional pattern of fixing the yuan stronger when the dollar index falls overnight.
Sterling drops to near 3-week low versus dollar Sterling fell to its lowest in nearly three weeks against the dollar on Tuesday as worries about growth in China and the euro zone underpinned demand for more liquid currencies like the U.S. currency and the yen. Slightly better-than-expected UK public borrowing numbers did little to help sterling, which has now retreated steadily from its April 11 high of $1.5412. Sterling fell to $1.5196 against the dollar, its weakest level since April 4 and down 0.6 percent on the day.
Rupee keeping losses; down 23 paise against dollar The rupee was lower for a second successive session, trading at 54.37/38, versus the previous close of 54.14/15. The Indin currency also was also dragged down by the euro's losses against the dollar after data showed Germany's private sector shrank for the first time in five months in April. Prime Minister's Economic Advisory Council pegged FY14 economic growth at 6.4 per cent, and says the worst slowdown in a decade has bottomed out.
DAILY MARKET STATISTICS CURRENCY
EXPIRY
OPEN
HIGH
LOW
CLOSE
EURINR
26-Apr-2013
70.7475
71.0050
70.5325
70.6150
EURINR
29-May-2013
71.0900
71.3575
70.9000
70.9700
EURINR
26-Jun-2013
71.4500
71.7000
71.2525
71.3575
GBPINR
26-Apr-2013
82.6950
82.9500
82.6000
82.8275
GBPINR
29-May-2013
83.2200
83.3275
83.0000
83.2125
JPYINR
26-Apr-2013
54.6000
55.2275
54.6000
55.0825
JPYINR
29-May-2013
54.9500
55.5100
54.9025
55.3800
USDINR
26-Apr-2013
54.2250
54.4450
54.2250
54.3350
USDINR
29-May-2013
54.2225
54.7100
54.2225
54.6000
USDINR
26-Jun-2013
54.7800
54.9975
54.7750
54.8975
RBI REFERENCE RATE (As on 23RD April 2013) UNDERLYING
RATE
USDINR
54.2995
EURINR
70.8017
GBPINR
82.8773
JPYINR
54.9900
USDINR DAILY ANALYSIS
PIVOT POINTS S1-54.2292 S2-54.1233 PP-54.3358 R1-54.4417 R2-54.5483
EURINR DAILY ANALYSIS
PIVOT POINTS S1- 70.4317 S2-70.2483 PP-70.7183 R1-70.9017 R2-71.1883
GBPINR DAILY ANALYSIS
PIVOT POINTS
S1- 825267 S2-82.2258 PP-82.7383 R1-83.0392 R2-83.2508
JPYINR DAILY ANALYSIS
PIVOT POINTS
S1- 54.8683 S2- 54.6542 PP-55.0442 R1- 55.2583 R2- 55.4342
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