The document provides a daily forex report dated October 16th, 2012. It includes the following:
1) Headlines discussing declining dollar inflows from non-resident Indians as the rupee gains strength, making NRI deposits less attractive.
2) Trading tips to buy EUR/INR and USD/INR.
3) Reference exchange rates from the RBI and past performance on trades.
4) Charts and analysis of the USD/INR and EUR/INR markets.
2. HEADLINES
NRI dollar inflows drying up as rupee gains
in strength
The flood of US dollar flows from NRIs that saved the
Indian rupee last year when it was pummeled by
global investors, has reduced to a trickle in August for
the first time since the rates for non- resident rupee
accounts were freed in December 2011, which may
pressure the rupee again. A rising Indian currency to
the US dollar due to a surge in foreign fund flows, and
TRADING TIPS lowering of interest rates on NRI deposits have made
it unattractive for Indians abroad to bring in their
BUY EUR/INR earnings. The government is now batting for
ABOVE 68.77 appreciation to arrest its current account deficit, the
For targets of excess of imports over exports, and fiscal deficit.
68.92/69.07 NRIs, who were getting 57 to a US dollar a few months
Stop loss 68.62 ago, now get 52.81.
PAST RBI REFERENCE RATE
PERFORMANCE As on 15 Th October 2012
• BUY USD/INR
UNDERLYING RATE
ABOVE 52.89 USDINR 53.1198
for targets of EURINR 68.6020
53.04/53.19
GBPINR 85.1457
Stop loss 52.74
JPYINR 67.6500
Target Achieved
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6. FOREX FORTHCOMING DATA
TIME CURRENCY DATA ACTUAL FORECAST PREVIOUS
2:00pm GBP CPI y/y 2.2% 2.5%
2:30pm EUR German ZEW Economic -14.6 -18.2
Sentiment
Tentative GBP BOE Inflation Letter
6:00pm USD CPI m/m 0.4% 0.6%
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