- Westpac Institutional Bank is shorting the US dollar and expects to add to its short positions if the dollar rallies towards 55.50 levels. - Westpac expects the Indian rupee to rebound due to an expected interest rate cut by the RBI later this month and continued reforms by the Indian government. - Westpac believes the combination of rate cuts, policy reforms, and improvements in exports will deliver a correction in the US dollar against the Indian rupee over the next few weeks.

1. S
DAILY FOREX REPORT
16TH JANUARY 2013
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2.  HEADLINES
Short dollar on rate cuts, policy reforms:
Westpac
Westpac Institutional Bank says it is short dollar and will
add to these positions on rallies back towards 55.50 levels.
Rate cut by the RBI on Jan. 29 will be positive for the
rupee as it will highlight a greater degree of confidence in
the inflation outlook and help drive a rebound in growth,
the bank says in a note. Westpac is more upbeat about the
rupee's prospects at the start of the year due to the
continuation of the government's reform agenda including
delaying of the tax avoidance rules which would encourage
strong capital flows, they say. Lead indicators suggest
 TRADING TIPS improvements in Indian exporters, the bank added. "We
suspect the combination of these factors can deliver a
 SELL USD/INR decent correction in dollar over the next few weeks," they
BELOW 54.67 say
FOR TGT
54.52/54.37
SL 54.87
REFERENCE RATE
PAST
PERFORMANCE As on 15THJanuary 2013
 SELL USD/INR
UNDERLYING RATE
BELOW 54.62
USDINR 54.5425
FOR TGT
EURINR 72.8525
54.47/54.32
GBPINR 87.6934
SL 54.42
TARGET ACHIEVED JPYINR 61.3000
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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 72.9025 73.1275 72.7875 72.9750 72.9325
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 73.1500 73.3875 73.0500 73.2350 73.2125
JEERA 7/19/2012 14955 14960 14650 15052.5 14800 -252.5 -1.68
GBPINR 29-Jan-2013 1 GBP 87.7600 88.0325 87.5875 87.7900 87.8875
KAPAS 7/19/2012 1044 1053 1035 1049 1041 -8 -0.76
GBPINR
PEPPER 26-Feb-2013 42300 GBP 4255588.0600
7/19/2012 1 42250 88.3475
42390 87.9275
42435 88.1225
45 88.2225
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 61.3150 61.7950 61.1700 61.6825 61.1925
SOY BEAN 7/19/2012 4309 4330 4265.5 4303 4315 12 0.28
JPYINR 26-Feb-2013 100 JPY 61.5400 62.0375 61.4400 61.9375 61.4425
TURMERIC 7/19/2012 4600 4676 4518 4664 4540 -124 -2.66
USDINR
WHEAT 29-Jan-2013
7/19/2012 1USD 1282 54.5025
1251 1251 54.7950
1246 54.4550
1282 54.6975
36 54.6050
2.89
USDINR 26-Feb-2013 1 USD 54.8175 55.0425 54.7200 54.9425 54.8450
USDINR 27-Mar-2013 1 USD 55.0800 55.2950 54.9900 55.2050 55.1225
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4. DAILY USD/INR CHART
ANALYSIS
OPEN: 54.5975
HIGH: 54.7950
LOW: 54.4675
CLOSE: 54.6975
 USD/INR LOOKS DOWNWARDS
 TREND: BEARISH
 STRATEGY: SELL ON RISE
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5. DAILY EUR/INR CHART
ANALYSIS
OPEN: 72.9025
HIGH: 73.1250
LOW: 72.7825
CLOSE: 72.9750
 EUR/INR LOOKS DOWNWARDS
 TREND: BEARISH
 STRATEGY: SELL ON RISE
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
Tentative EUR German 10-y Bond 1.40|1.5
Auction
7:00pm USD Core CPI m/m 0.2% 0.1%
8:30pm USD NAHB Housing Market 48 47
Index
9:00pm USD Crude Oil Inventories 1.3M
9:30pm USD Crude Oil Inventories -1.6M -1.0M
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