The rupee extended gains against the dollar after the government deferred implementation of controversial tax rules until 2016 and following lower-than-expected inflation data. Traders saw good inflows from custodian banks that hurt the dollar. The currency was expected to close around 54.45. Traders recommended selling dollars below 54.60 with targets of 54.45-54.30 and stopping loss at 54.80.

1. S
DAILY FOREX REPORT
15TH JANUARY 2013
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2.  HEADLINES
Rupee extends gains post GAAR deferment
The rupee extended losses to trade at 54.55/56 vs its
previous close of 54.7550/7650 after the government
deferred implementation of controversial GAAR rules till
April 2016.Shares extended gains to over 1 per cent post
the news. Traders say good custodian bank flows are seen
hurting the dollar. They say 54.50 is likely to be the next
immediate support which if broken can take the pair to
54.25 levels.
Rupee extends gains post WPI; custodian flows
aid
 TRADING TIPS The rupee extended losses to 54.46/47 versus its previous
close of 54.7550/7650 as sentiment hurt following lower-
 SELL USD/INR than-expected inflation print. Traders say deferment of
BELOW 54.60 the controversial tax avoidance rules also boosted
FOR TGT sentiment for the domestic share market and the local
54.45/54.30 currency. Traders say good custodian dollar sales were
helping the rupee. Domestic shares closed up 1.2 per cent.
SL 54.80
The pair is expected to close around 54.45
 PAST
PERFORMANCE REFERENCE RATE
 BUY USD/INR As on 14THJanuary 2013
ABOVE 54.95
FOR TGT UNDERLYING RATE
55.10/55.25 USDINR 54.6355
SL 54.75 EURINR 73.1273
SL TRIGGERED GBPINR 88.1735
JPYINR 60.9800
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3. DAILY MARKET STATISTICS
PRODUCT EXP DATE OPEN HIGH LOW CLOSE LTP CHG PERCENTAGE
NAME CHANGE
Symbol Series/Expiry Unit Open High Low Close Prev. Close
CHANA 7/19/2012 4556 4573 4525 4560 4532 -28 -0.61
EURINR 29-Jan-2013 1 EUR 73.4150 73.5500 72.8900 72.9325 72.8175
CHILLI 7/19/2012 5060 5060 5018 5120 5018 -102 -1.99
GUR 7/19/2012 1188 1188 1178 1183.5 1178 -5.5 -0.46
EURINR 26-Feb-2013 1 EUR 73.7000 73.7550 73.1500 73.2125 73.0400
JEERA 7/19/2012 14955 14960 14650 15052.5 14800 -252.5 -1.68
GBPINR 29-Jan-2013 1 GBP 88.4500 88.7075 87.8300 87.8875 88.4725
KAPAS 7/19/2012 1044 1053 1035 1049 1041 -8 -0.76
GBPINR
PEPPER 26-Feb-2013 42300 GBP 4255588.8800
7/19/2012 1 42250 89.0000
42390 88.1725
42435 88.2225
45 88.7900
0.11
REF SOYA 7/19/2012 780.5 783.6 777.4 782.85 781.3 -1.55 -0.2
JPYINR 29-Jan-2013 100 JPY 61.4475 61.4975 61.0650 61.1925 61.8750
SOY BEAN 7/19/2012 4309 4330 4265.5 4303 4315 12 0.28
JPYINR 26-Feb-2013 100 JPY 61.6000 61.7350 61.3275 61.4425 62.0900
TURMERIC 7/19/2012 4600 4676 4518 4664 4540 -124 -2.66
USDINR
WHEAT 29-Jan-2013
7/19/2012 1USD 1282 54.8800
1251 1251 54.9850
1246 54.5600
1282 54.6050
36 54.9425
2.89
USDINR 26-Feb-2013 1 USD 55.1375 55.2225 54.8100 54.8450 55.1750
USDINR 27-Mar-2013 1 USD 55.4175 55.4800 55.0775 55.1225 55.4325
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4. DAILY USD/INR CHART
ANALYSIS
OPEN: 54.9375
HIGH: 54.9825
LOW: 54.5600
CLOSE: 54.6050
 USD/INR LOOKS DOWNWARDS
 TREND: BEARISH
 STRATEGY: SELL ON RISE
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5. DAILY EUR/INR CHART
ANALYSIS
OPEN: 73.4150
HIGH: 73.5500
LOW: 72.8900
CLOSE: 72.9325
 EUR/INR LOOKS DOWNWARDS
 TREND: BEARISH
 STRATEGY: SELL ON RISE
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
1:15pm EUR French Gov Budget -94.6B
Balance
7:00pm USD Core Retail Sales m/m 0.2% 0.0%
7:00pm USD PPI m/m -0.1% -0.8%
7:00pm USD Retail Sales m/m 0.2% 0.3%
9:30pm USD Crude Oil Inventories -1.6M -1.0M
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