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* USDINR ended 4 paise lower at 72.97 on monday

* FBIL set the reference rate for USDINR at 72.8986 and Euro at 87.1979

* Japan to spend 1.1372tn Yen in emergency reserves to cope with Covid-19

* US bond yields rally as reflation trade seen in market • German trade data and Italian industrial production figures brings focus to euro today

OUTLOOK - USDINR

Rupee opened 7 paise higher at 72.86 versus previous close of 72.93 but fell by a net 4 paise to close at 72.97. USDINR had gained as far as the intraday high of 72.80 on monday. The dollar index which compares the strength of the dollar against 6 major currencies gained 0.25% and closed at 91.91. Brent crude futures increased a further 0.69% to close at $59.97/barrel. USDINR near futures are at 73.1000 with the next support seen at 72.9700 and next resistance seen at 73.2100 ahead of market opening on tuesday.

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