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* One week USDINR NDFs hit 73.65, its lowest level since June 17. Spot fell to 73.4490 on Friday.

* Federal Reserve did not suggest any immediate tapering, prompting a rally in equities and commodities.

* This translates into improved prospects of FII inflows into Indian market.

* According to the Economic Times, two large conglomerates, including an infrastructure major and an oil to retail entity were seen selling dollars along with a large software company. The selling intensified when the rupee broke 74.1

* RBI’s lack of intervention on Friday was also a surprise, with a large state owned lender buying dollar as 73.8, according to ET.

OUTLOOK - USDINR

After the steep fall on Friday, USDINR may attempt to pull back, but such relief moves could be limited to 73.6 or 73.77, followed by a fall again to 73.33, before stabilizing. However, in the event of a close below 73.3, expect USDINR to plummet to 72.3 or even 70.6, whose prospects though are low at the moment.

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