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* USDINR closed at 74.12, after falling from the day’s peak of 74.3060 to the day’s low of 74.0740

* The strength in rupee came on the back of weakness in US Dollar on bets that Federal Reserve may delay the scaling back of stimulus amid spread of the delta coronavirus variant.

* The boost to vaccination drive allays some concerns over the delta strain’s impact, lifting US equities.

* Fuel prices in India came down by 20 paise per litre on Sunday, marking the first cut in petrol prices in more than a month.

* Oil meanwhile is seen holding gains today, after rising steeply yesterday.

OUTLOOK - USDINR

With yesterday’s fall to 74.07, USDINR has retraced 38% of the rise from May to July 2021, and favoured view expects a pull back. If such pull back arrests at 74.27, then an extended fall to 73.37 could be expected. Alternatively, direct rise above 74.27 could set up environment for push above 75 and newer peaks.

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