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* Indian Rupee ended at 72.97 on Friday, up 2 paise against its previous close of 72.99.

* FBIL set the reference rate for USDINR at 72.9735 and Euro at 88.5524.

* RBI data showed FX reserves declined by $1.839billion to $584.242 billion in the week ended Jan 15.

* US dollar inched marginally higher as waited more cues from President’s legislative agenda.

* US Fed to begin its two-day monetary policy meeting on Tuesday.

* Euro slipped on political uncertainty while UK’s pound edged higher.

* In economic news, UK’s employment change figures is set to be released tomorrow.

* PBOC has set the yuan reference rate at 6.4819 versus Friday's fix of 6.4617.

OUTLOOK - USDINR

The Indian currency in the beginning of the day fell amid the rebound in US dollar but in the last hour of trading, erased all its losses to close marginally higher by 2 paise led by the fall in the oil prices. On the last trading day of the past week, the local unit witnessed a high and low of 73.09 and 72.96 before settling the day at 72.97 against its previous close of 72.99. On Thursday, Rupee appreciated by 6 paise. FIIs were sellers in the capital market segment on 22 Jan 2021; bought shares worth Rs 635.69cr as per exchange’s provisional figures. DIIs, on the other end were also sellers to the tune of Rs 1290.35cr for the same period. Oil prices slipped on Covid-19 cases flare up. In the week, the major event on the international front is the US central bank’s policy meeting while in the domestic side, economic survey, IMF’s world economic outlook and IPOs to be in limelight. For USDINR, 73.09 and 73.30 may act as crucial levels in the upside while 72.85 and 72.63 will act as support levels.

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