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News Box

* USDINR closed 16 paise higher at 74.45 yesterday

* India WPI inflation at 12.07% vs 12.94% previous vs 12.5% forecast

* China GDP expands 7.9% YoY vs 8.1% expected

* Australia unemployment rate at 4.9%, beat expectations of 5%

* Dollar declines as Fed's Powell says US economy is still way off from tapering levels

OUTLOOK - USDINR

Rupee opened flat at 74.61 from its previous close against the US dollar and it finally closed a net 16 paisa higher at 74.45 yesterday. USDINR had gained as far as the intraday high of 74.62 and fell to an intraday low of 74.41. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.44% lower at 92.37. Brent crude futures fell 2.53% to trade at $74.89/barrel. USDINR near futures are at 74.6575 with the next support seen at 74.6050 and next resistance seen at 74.7400 ahead of market opening today.

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