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LKP SECURITIES LIMITED13th Floor Raheja Center, Free Press Marg, Nariman Point, Mumbai-400021


1283.7 1286.1 1277.9 1281.3 -0.2 -2.417.97 18.03 17.79 17.86 -0.6 -0.1

1840.0 1846.0 1837.5 1842.0 -0.1 -1.05441.0 5447.0 5412.0 5433.0 -0.5 -27.01871.0 1875.0 1865.0 1875.0 -0.2 -4.0

14965.0 14965.0 14850.0 14880.0 -0.5 -70.02116.0 2119.0 2109.0 2113.0 -0.2 -4.0

45.42 45.60 44.26 44.35 -4.03 -1.862.85 2.88 2.85 2.87 0.0 0.9

94.65 94.72 94.57 94.69 0.0400 0.03381.1278 1.1296 1.1274 1.1283 0.0500 0.00061.5143 1.5156 1.5135 1.5145 0.0200 0.0002117.48 118.10 117.34 117.90 0.3400 0.400068.01 68.05 67.26 68.01 0.3000 0.20051.3527 1.3541 1.3517 1.3529 0.0100 0.00021.2525 1.2532 1.2507 1.2525 -0.0100 -0.00010.9052 0.9115 0.9045 0.9108 0.6700 0.00616.2073 6.2501 6.2073 6.2489 0.0200 0.0014

TIME ZONE Forecast Previous

All Day EUR -0.008 02:25pm EUR -9K -27K2:30pm EUR 0.036 0.0312:30pm EUR -0.005 -0.009Tentative EUR 0 1.89|1.37:00pm USD 301K 307K8:30pm USD 0.006 0.008

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Unemployment ClaimsPending Home Sales m/m


CanadianSwissfrancRMB

DATAGerman Prelim CPI m/mGerman Unemployment Change

Currency

A leading index, which measures the future economic activity in France,remained unchanged in November, survey figures from Conference Boardshowed. The Conference Board's leading economic index showed novariations in November, following a revised 0.1 percent increase inOctober. Out of the seven components, five of them contributedpositively to the index. In the May to November period, the leading indexclimbed 0.9 percent, up from 0.5 percent over the previous six monthperiod. The coincident index that measures the current economic activityalso remained unchanged in November, after a 0.1 percent fall each inboth October and September. Only two of the four componentscontributed positively to the index. The improved growth in the leadingeconomic index and more widespread strengths among its componentssuggest that economic activity will likely continue expanding at a modestpace in the near term, the Conference Board said.

Dollar IndexEuroGB PoundJapan YENRus. RoubleSingapore

M3 Money Supply y/yPrivate Loans y/yItalian 10-y Bond Auction

LME NickelLME Zinc

EnergyCrude $

Trend Market Update

Precious MetalsMajority of Bank of Japan's policymakers said that the drop in oil prices willaffect the economy and inflation positively in the long-term, though it isexpected to weigh on inflation in the short-term, the minutes of the meetingheld on December 18 and 19 showed. However, one member said that theprimary focus should be on the underlying trend in prices when consideringthe future conduct of monetary policy, and that the key was developments ininflation expectations in a broad context, the minutes said. The producer priceindex was expected to continue declining for the time being, reflectingmovements in international commodity prices and the annual increase inconsumer prices was likely to be at around the current level of the time being,the report showed. Policymakers decided to continue expanding the monetarybase at an annual pace of JPY 80 trillion by an 8-1 majority vote as theeconomy is expected to continue to recover. The minutes showed that thebank will keep its monetary policy stable as long as the economy stays on therecovery path.

Gold $Silver $

Base MetalLME Alum.LME Copper

Nat. Gas $

Item Open High Low Close % Cng Net Cng

LME Lead

OPEN HIGH LOW CLOSE % RE VOL OI R2 R3 PP S1 S3

61.76 61.85 61.60 61.68 -0.08 -0.05 1,239,650 1703328 61.96 62.07 61.71 61.57 61.32

# USDINR trading range for the day is 61.46-61.96.# Rupee settled flat as month-end dollar demand from oil importers offsets likely inflows into local shares. # Most of the state-run banks were seen buying dollars on behalf of oil importers, while foreign banks were seen selling dollars.# Investors waited for the outcome of US Federal Open Market Committee policy meet later in the day.# RBI Reference Rate for USDINR was 61.4105 vs 61.4105. # SELL USDINR @ 61.80 SL 61.98 TGT 61.62-61.46

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NSE-CUR USDINR Feb 2015Rupee erased all the early losses to settle flat as month-end dollardemand from oil importers offsets likely inflows into local shares. Most ofthe state-run banks were seen buying dollars on behalf of oil importers,while foreign banks including Standard Chartered Bank, Deutsche Bank,Citibank and HSBC Bank were seen selling dollars. The yield on India’s 10-year benchmark bond stood at 7.709% compared with its Tuesday’sclose of 7.707%. Bond yields and prices move in opposite directions.Since the beginning of this year, the rupee has strengthened 2.51%against the dollar, while foreign institutional investors have bought $1.24billion from local equity markets and bought $2.91 billion from debtmarkets. The dollar index, which measures the US currency’s strengthagainst major currencies, was trading at 94.193, up 0.18% from itsprevious close of 94.022. The US Federal Reserve starts a two-day policymeeting on Tuesday which will be keenly watched by investors as it is thefirst such meeting after last week’s multi-billion dollar bond buyingannounced by the European Central Bank and easier policies announcedearlier by Canada and Switzerland. The partially convertible rupee tradesstronger at 61.34/35 per dollar versus its previous close of61.3950/4050, as custodial banks sell dollars. Technically market isunder fresh buying as market has witnessed gain in open interest by30.95% to settled at 1705288 while prices up 0.0175 rupee, nowUSDINR is getting support at 61.55 and below same could see a test of61.45 level, And resistance is now likely to be seen at 61.8, a moveabove could see prices testing 61.95.

R1 S2

61.82 61.46


69.97 70.42 69.82 70.08 0.68 0.47 55,695 34227 70.70 70.99 70.11 69.79 69.19

# EURINR trading range for the day is 69.51-70.7.# Euro seen flat as investors positioned ahead of the outcome of Fed policy announcement after some weak U.S. data clouded the outlook on the economic recovery. # German consumer confidence for February improved strongly to a 13-year high, survey data from GfK showed. # The quantitative easing program of the ECB will boost economic growth in Italy, Bank of Italy's Deputy Governor Fabio Panetta said.# RBI Reference Rate for EURINR was 69.8237 vs 69.8237. # SELL EURINR BELOW 69.80 SL 70.15 TGT 69.62-69.36.

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70.39 69.51

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NSE-CUR EURINR Feb 2015Euro seen flat as investors positioned ahead of the outcome of theFederal Reserve policy announcement after some weak U.S. data cloudedthe outlook on the economic recovery. German consumer confidence forFebruary improved strongly to a 13-year high, survey data from GfKshowed. The forward-looking consumer confidence index rose to 9.3 inFebruary from 9 in January. This was the highest value since November2001, when the score was at 9.6. The outlook for the consumer economyis continuing to brighten. It can be assumed that the domestic economyin Germany will again play an essential part in the overall economicdevelopment, the market research group said. The quantitative easingprogram of the European Central Bank will boost economic growth inItaly, Bank of Italy's Deputy Governor Fabio Panetta said. In theEconomic bulletin published before the ECB's QE announcement, Italy'seconomy was forecast to expand 0.4 percent in 2015 and 1.2 percent in2016. A leading index, which measures the future economic activity inFrance, remained unchanged in November, survey figures fromConference Board showed. The Conference Board's leading economicindex showed no variations in November, following a revised 0.1 percentincrease in October. Out of the seven components, five of themcontributed positively to the index. Technically market is under freshbuying as market has witnessed gain in open interest by 36.79% tosettled at 34476 while prices up 0.52 rupee, now EURINR is gettingsupport at 69.78 and below same could see a test of 69.5025 level, Andresistance is now likely to be seen at 70.3775, a move above could seeprices testing 70.6975.

R1 S2


93.22 93.85 93.21 93.77 0.80 0.74 43,317 22922 94.24 94.6 93.6 93.4 92.74

# GBPINR trading range for the day is 92.97-94.24.# GBP rose pegged back by expectations that the Federal Reserve may choose to keep interest rates lower for longer.# UK gross domestic product grew by 2.6 percent in 2014 as a whole, the Office for National Statistics said, up from 1.7 percent in 2013.# U.K. mortgage approvals decreased more than expected in December, data from British Bankers' Association, revealed# RBI Reference Rate for GBPINR was 93.1843 vs 93.1843. # SELL GBPINR BELOW 93.50 SL 93.80 TGT 93.24-92.95.

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GBP rose pegged back by expectations that the Federal Reserve maychoose to keep interest rates lower for longer. The dollar edged downacross the board as a two-day Fed policy meeting started. Investors werebetting the Fed could respond to a recent string of rate cuts and easingmeasures by other major central banks by pushing back expectations ofwhen U.S. rates will rise. Britain reported economic growth that wasweaker than forecast but still outstripped its euro zone peers. U.K.economic growth slowed more than expected in the fourth quarter due toweakness in the production and construction sectors but the economylogged its strongest growth in seven years in 2014 as a whole,preliminary data from the Office for National Statistics showed. Grossdomestic product grew 0.5 percent sequentially, slower than the 0.7percent expansion seen in the third quarter and a 0.6 percent riseforecast by economists. This was the slowest growth in a year butmarked the eighth straight quarter of expansion. The preliminaryestimate is based only on the output side of the economy and excludesexpenditure-side breakdown of GDP. At this stage, data content is lessthan half of the total required for the final output estimate, the ONS said.Technically market is under fresh buying as market has witnessed gain inopen interest by 21.23% to settled at 22821 while prices up 0.8225rupee, now GBPINR is getting support at 93.3525 and below same couldsee a test of 92.965 level, And resistance is now likely to be seen at93.9875, a move above could see prices testing 94.235.

R1 S2

94.01 92.97

Trading Ideas :

NSE-CUR GBPINR Feb 2015

OPEN HIGH LOW CLOSE % RE VOL OI R2 R3 PP S1 S352.31 52.70 52.14 52.36 0.16 0.09 49,429 12866 52.96 53.2 52.4 52.1 51.54

# JPYINR trading range for the day is 51.84-52.96.# JPY seen supported as traders await the Federal Reserve's (Fed) meeting conclusion and any hints on a timetable for a possible rate hike.# Confidence among Japan's small and medium-sized enterprises weakened in January, survey data released by the Shoko Chukin Bank showed.# Data by the Bank of Japan showed that the services producer price index rose 3.6 percent on a yearly basis in December.# RBI Reference Rate for JPYINR was 52.06 vs 52.06. # BUY JPYINR ABOVE 52.45 SL 52.20 TGT 52.65-52.90.

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NSE-CUR JPYINR Feb 2015JPY seen supported as traders await the Federal Reserve's (Fed)meeting conclusion and any hints on a timetable for a possible ratehike. Majority of Bank of Japan's policymakers said that the drop inoil prices will affect the economy and inflation positively in the long-term, though it is expected to weigh on inflation in the short-term,the minutes of the meeting held on December 18 and 19 showed.However, one member said that the primary focus should be on theunderlying trend in prices when considering the future conduct ofmonetary policy, and that the key was developments in inflationexpectations in a broad context, the minutes said. Confidence amongJapan's small and medium-sized enterprises weakened in January,survey data released by the Shoko Chukin Bank showed. The smallbusiness confidence index fell to 46.3 in January from 46.7 inDecember. The confidence indicator for manufacturing dropped to45.6 from 46.1 in the prior month. Similarly, the score for non-manufacturing slid to 46.9 from 47.2. Data by the Bank of Japanshowed that the services producer price index rose 3.6 percent on ayearly basis in December, the same rate of growth as seen inNovember. Month-on-month, the index remained flat after rising 0.4percent in November. Technically market is under fresh buying asmarket has witnessed gain in open interest by 58.46% to settled at12924 while prices up 0.055 rupee, now JPYINR is getting support at52.1 and below same could see a test of 51.84 level, And resistanceis now likely to be seen at 52.66, a move above could see pricestesting 52.96.

R1 S252.66 51.84

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MONTH RATE FEB MAR APR MONTH RATE MAR APR

FEB 61.68 0.365 0.77 FEB 70.08 0.39 0.74

MAR 62.04 0.40 MAR 70.47 0.34

APR 62.44 APR 70.81

MONTH RATE FEB MAR APR MONTH RATE MAR APR

FEB 93.77 0.517 0.99 FEB 52.36 0.32 0.74

MAR 94.29 -3.00 0.47 MAR 52.68 0.42

APR 94.76 -5.00 APR 53.10

Last Trade INR U.S. $ Euro € U.K. £ ￥en

1 INR = - 0.0163 0.0144 0.0107 1.9155 Last Previous 1 U.S. $ = 61.470 - 0.8860 0.6599 117.900 61.411 61.411 1 Euro € = 69.369 1.1283 - 0.7450 133.03 69.824 69.824 1 U.K. £ = 93.063 1.5145 1.3420 - 178.57 52.060 52.060 1 ￥en = 0.5211 0.0085 0.7515 0.0056 - 93.184 93.184

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EUROYENGBP


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MAJOR CURRENCY CROSS RATESRBI Reference Rate

DateUSD

-3.00

-5.00

SPREAD MATRIX FOR GBPINR SPREAD MATRIX FOR JPYINR

FEB

SPREAD MATRIX FOR USDINR SPREAD MATRIX FOR EURINR

FEB

LKP SECURITIES LIMITED Currency Desk13th Floor Raheja Center, Free Press Marg, Nariman Point, Mumbai-400021Phone:022- 66351234 Ext 239 .

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Disclaimer: The information in this document has been printed on the basis of publicly available information, internal data and otherreliable sources believed to be true and is for general guidance only. While every effort is made to ensure the accuracy andcompleteness of information contained, the company makes no guarantee and assumes no liability for any errors or omissions of theinformation. No one can use the information as the basis for any claim, demand or cause of action. LKP Securities Ltd., and affiliates,including the analyst who have issued this report, may, on the date of this report, and from time to time, have long or short positionsin, and buy or sell the Currencies mentioned herein or engage in any other transaction involving such Currencies and earn brokerageor compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein orinconsistent with any recommendation and related information and opinions. LKP Securities Ltd., and affiliates may seek to provide orhave engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to thecompanies referred to in this report, as on the date of this report or in the past.


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