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2. HEADLINES
Rupee reverses losses after inflation rate eases
The rupee recovered from early losses to trade higher
on Friday after headline inflation surprised on the
downside, raising hopes the RBI could start cutting
interest rates as early as January. India's wholesale
price index rose a slower-than-expected 7.24 percent in
November, less than the 7.6 percent estimated by a
Reuters poll. While most economists and market
participants believe the central bank may hold rates
steady on Dec. 18., some are now expecting that it will
infuse some liquidity in the form of a cash reserve ratio
cut. "The trending and expectation in headline inflation
has improved, paving way for start of rate cut cycle in
TRADING TIPS January-March 2013," said Moses Harding, head of
asset liability management at IndusInd Bank. "A CRR
BUY EUR/INR
cut of 25 basis points is seen certain to maintain the
ABOVE 71.46 positive feel," he said. The government is trying to push
FOR TGT through more reforms, approving steps on Thursday to
71.66/71.86 speed up infrastructure projects and facilitate
SL 71.26 investment into the fertilizer sector.
PAST
REFERENCE RATE
PERFORMANCE
As on 14TH December 2012
BUY EUR/INR
ABOVE 71.27 UNDERLYING RATE
FOR TGT USDINR 54.3880
71.47/71.67 EURINR 71.2920
SL 71.07
GBPINR 87.7822
TARGET ACHIEVED
JPYINR 64.8600
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
2:30pm EUR Italian Trade Balance 0.41B
3:30pm EUR Trade Balance 11.3B
7:00pm USD Empire State -0.3 -5.2
Manufacturing Index
7:30pm USD TIC Long-Term Purchases 22.3B 3.3B
11:30pm USD FOMC Member Lacker
Speaks
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