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WWW.TRIFIDRESEARCH.COM

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http://www.trifidresearch.com

R EE E K L Y P O R T

05 AUGUST - 09 AUGUST 2013

Buy on fear, sell on greed.

Buy on the rumor, sell on the news.

The trend is your friend.

Amateurs want to be right.

Professionals want to make money.


MARKET OUTLOOK

MARKET EVENTS  Hapless Rupee sinks to new low as policymakers' rescue measures fail to yield results.  Rupee Leads Weekly Decline in Asian Currencies Amid Fed Concern.  Sterling rise, gilts fall on strong UK construction PMI.  Australian dollar hits three-yr lows, kiwi dollar follows.

CURRENCIES USDINR

PREVIOUS

CURRENT

RATE

RATE

59.0400

61.3800

KEY RATES As on 02/08/2013 % CHANGE 3.96

EURINR

78.3625

81.0675

3.45

GBPINR

90.9625

93.0625

2.30

JPYINR

59.9025

61.5100

2.68

http://www.trifidresearch.com

The Indian rupee slumped to its lowest closing amid investor jitters that measures to cure the currency's ills are hardly working. Fears that the economic slowdown may worsen in the wake of rising interest rates and portfolio outflows due to rising yields in the US are aggravating the currency's fall. Despite the Reserve Bank of India curbing speculation by international investors, the currency continued its decline as better returns in the US - S&P 500 is at an all-time high and yields at 2.7% on treasuries yield more than 8.3% on Indian bonds, adjusted for hedging currency risk. The rupee fell 1.1% to 61.10 per dollar, worse than its previous closing low of 60.44.

REFERENCE RATE (USD)

60.8035

REPO RATE

7.25%

REVERSE REPO

6.25%

CRR

4%

INFLATION

4.86%


USDINR

USDINR on daily charts tested its all time high last week and settled on a strong note indicating further bullishness above 61.5500 towards the psychological resistance mark of 62.0000. While correction is seen if it holds below 60.5000 and 23.6% retracement of 59.7000 will act as good support for the coming week.

EURINR

EURINR on daily charts after giving breakout of triangle pattern tested all time high and still is trading in strong zone. Strength will be maintained till it sustains above the major support of 79.6000 while any closing below this key support will result in some correction where support http://www.trifidresearch.com range is seen around 78.9000-78.4000.


PIVOT TABLE CURRENCIES

S1

S2

S3

R1

R2

R3

USDINR

60.5500

59.7000

58.9000

62.0000

62.5000

63.0000

EURINR

79.6000

78.9000

78.0000

81.7000

82.0000

82.5000

GBPINR

92.1500

91.4000

90.6000

93.9000

94.4000

95.0000

JPYINR

60.7000

60.1000

59.4000

62.3000

62.9000

63.7000

INTERNATIONAL UPDATES  Dollar Rallies as Fed Fails to Erase U.S. Stimulus Speculation.  Rupee Leads Weekly Decline in Asian Currencies Amid Fed Concern.  Gilts Decline as U.K. Data Diminish Safety Demand; Pound Weakens.

COUNTRY

EVENT

BLOOMBERG ESTIMATE

PREVIOUS LEVEL

05-August-2013

7:30 PM

US

ISM Non Manufacturing PMI

53.2

52.2

06-August2013

6:00 PM

US

Trade Balance

-43.1B

-45.0B

08-August-2013

12:30 AM

US

Consumer Credit m/m

15.3B

19.6B

http://www.trifidresearch.com 08-August-2013

06:00 PM

US

Unemployment Claims

336k

326k

DATE

TIME


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DISCLAIMER

http://www.trifidresearch.com

Forex currency weekly news  

The Indian rupee slumped to its lowest closing amid investor jitters that measures to cure the currency's ills are hardly working. Fears tha...

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