The rupee rebounded sharply on Tuesday after four consecutive sessions of losses as a weakening dollar prompted exporters to sell the US currency while a spurt in buying by foreign investors in domestic debt also helped.

1. www.researchvia.com 9977785000
DAILY FOREX
REPORT
RESEARCH VIA
12/31/2014

2. MARKET HEADLINES
 Rupee rises after 4 sessions of losses on corporate dollar selling
The rupee rebounded sharply on Tuesday after four consecutive sessions of
losses as a weakening dollar prompted exporters to sell the US currency while a
spurt in buying by foreign investors in domestic debt also helped. The yen gained
sharply against both the dollar and the euro as investors sought the traditional
safety of the Japanese currency amid end-of-year nerves over economic risks
ahead. Sentiment was also buoyed after foreign institutional investors bought a
net of about 8.36 billion rupees ($131.59 mln) of government bonds on Monday,
according to data available on the National Securities Depository Ltd website.
"Some corporate dollar selling and rise in major Asian currencies, led by the
Japanese yen, are aiding the rupee," said Hari Chandramgethen, chief forex
dealer at South Indian Bank Ltd. The partially convertible rupee rose to 63.47 to
a dollar after touching a low of 63.79, while the 10-year benchmark bond yield
fell 7 basis points to 7.86 per cent.
 Euro dips to 29-month low as Greek vote sparks anxiety
The euro dipped to a 29-month low against the dollar on Tuesday as the
announcement of a snap election in Greece threw the country into a fresh round
of political turmoil. The austerity-minded leading coalition in Greece failed on
Monday to secure enough votes in parliament to elect a president, paving the
way for an early general election next year.
The markets are now concerned that the leftwing opposition Syriza party may
win the election and derail Greece's international bailout. After Greece nearly
crashed out of the euro in 2012, when it had to accept a bailout in return for
austerity measures, the country had just returned to economic growth this year
and ended a four-year exile from bond markets. The euro touched $1.2130, its
lowest since August 2012. The euro's slip against the dollar has been limited thus
far -- it was down only 0.2 percent on the day -- as the outcome of the Greek
parliamentary vote was already priced in by some. But other participants urged
caution, suggesting political turmoil in Greece was only in its early stages.
"Several weeks of opinion polling lie ahead and, as the election date approaches,
we should expect the euro to become gradually more sensitive to any apparent
shifts in the public mood," Gareth Berry, a forex strategist at UBS, wrote in a
note to clients.A dip below $1.20 for the euro could be a distinct possibility if the
risk, however remote, of a Greek exit from the euro zone re-emerges as it did in
2012, he said. The Greek political situation adds to the burden placed on the
common currency, already weighed by prospects of the European Central Bank
implementing further easing measures in 2015 to shore up the euro zone
economy and ward off deflation. "The ECB policy meeting on Jan. 22 of course
remains an important euro event, but developments in peripheral euro zone
nations like Greece now also need attention," said Shinichiro Kadota, chief
Japan FX strategist at Barclays in Tokyo.
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3. DAILY MARKET STATISTICS
CURRENCY EXPIRY OPEN HIGH LOW CLOSE
EURINR 28-Jan-14 77.7600 77.9550 77.4325 77.4675
EURINR 25-Feb-14 78.2200 78.2500 77.8825 77.8825
EURINR 27-Mar-14 0.0000 0.0000 0.0000 79.0575
GBPINR 28-Jan-14 99.5000 99.5925 98.9100 98.9400
GBPINR 25-Feb-14 99.9650 100.0125 99.4000 99.4000
JPYINR 28-Jan-14 53.2300 53.7150 53.2300 53.2650
JPYINR 25-Feb-14 53.5650 53.7075 53.5650 53.6500
USDINR 28-Jan-14 64.0850 64.1575 63.7200 63.7375
USDINR 25-Feb-14 64.4600 64.4925 64.0700 64.1025
USDINR 27-Mar-14 64.8500 64.8600 64.4900 64.4975
RBI REFERENCE RATE
(As on 30th
DECEMBER 2014)
UNDERLYING RATE
USDINR 63.7498
EURINR 77.3221
GBPINR 98.8759
JPYINR 53.0000

4. USDINR DAILY ANALYSIS
 S1-63.5925
 S2-63.4375
 PP-63.8725
 R1-64.0275
 R2-64.3075
 R2-62.6467
PIVOT POINTS

5. EURINR DAILY ANALYSIS
 S1-77.2990
 S2-77.1060
 PP-77.6260
 R1-77.8190
 R2-78.1460
PIVOT POINTS

6. GBPINR DAILY ANALYSIS
 S1-98.7290
 S2-98.5110
 PP-99.1260
 R1-99.3440
 R2-99.7410
PIVOT POINTS

7. JPYINR DAILY ANALYSIS
 S1-52.9665
 S2-52.6485
 PP-53.3385
 R1-53.6565
 R2-54.0285
PIVOT POINTS

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