USDINR MARKET UDPATE - Rupee fell to its lowest in nearly a month hurt by weaker local shares and a slump in the euro following weak economic growth data. The weakness in the stock markets ahead of the budget has raised concerns about future capital inflows, which has been crucial to the rupee's fortunes, making it one of Asia's top winners in 2013 so far. That has been reflected in the rupee's performance which fell 1.3 percent this week, its biggest weekly loss in three months. India's foreign exchange reserves were at $294.54 billion as of February 8, compared with $295.16 billion in the previous week, the Reserve Bank of India (RBI) said. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves, the RBI said in its weekly statistical supplement.

USDINR trading range for the day is 53.803-54.593.

Rupee fell hurt by weaker local shares and a slump in the euro following weak economic growth data.

India's foreign exchange reserves were at $294.54 billion as of February 8, compared with $295.16 billion in the previous week

BUY USDINR @ 53.95-54.02 SL 53.70 TGT 54.22-54.55. (BTST).

EURINR MARKET UDPATE - EURINR yesterday traded with the positive node and settled 0.58% up at 72.3575. Some pressure had been seen from the spot market also which closed at 1.3335 that is down by -0.2ps. In yesterday's trading session EURINR has touched the low of 72.035 after opening at 72.035, and finally settled at 72.3575. For today's session market is looking to take support at 72.12, a break below could see a test of 71.89 and where as resistance is now likely to be seen at 72.51, a move above could see prices testing 72.65. Spread between EURINR FEB & MAR contracts yesterday ended at 0.30, we have seen yesterday that the EURINR market had traded with a positive node and settled 0.58% up. Spread yesterday traded in the range of 0.27 - 0.38.

EURINR trading range for the day is 71.888-72.652.

Euro trimmed losses after the release of strong New York manufacturing data.

Data showed that euro zone gross domestic product contracted by 0.6% in the three months to December

BUY EURINR ABV 72.40 SL 72.16 TGT 72.64-72.80.

GBPINR MARKET UDPATE - GBPINR yesterday traded with the positive node and settled 0.47% up at 84.1175. Some pressure had been seen from the spot market also which closed at 1.5486 that is down by -0.19ps. In yesterday's trading session GBPINR has touched the low of 83.68 after opening at 83.795, and finally settled at 84.1175. For today's session market is looking to take support at 83.81, a break below could see a test of 83.49 and where as resistance is now likely to be seen at 84.31, a move above could see prices testing 84.49. Spread between GBPINR FEB & MAR contracts yesterday ended at 0.30, we have seen yesterday that the GBPINR market had traded with a positive node and settled 0.47% up. Spread yesterday traded in the range of 0.25 - 0.32.

GBPINR trading range for the day is 83.493-84.493.

GBP erased losses as market sentiment improved after upbeat U.S. economic reports

Official data earlier showed that retail sales in the U.K. fell 0.6% in January, disappointing expectations for a 0.4% rise

Demand for the safer dollar was also supported by signs of slowing growth in the United States and China.

BUY GBPINR @ 84.10 SL 83.80 TGT 84.35-84.60.