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News Box

* Rupee strengthened 29 paise to close near 73 yesterday, making it the fourth straight session of gains that has amounted to 124 paise during this period.

* Senses, Nifty hit record highs on dovish US Fed comments.

* FIIs bought 3881.16 cr of net Indian equities yesterday.

* Brent crude futures, the global oil benchmark fell 0.83 percent to USD 72.8 per barrel

* US dollar was steady, but hawkish ECB and losses in European sovereign debt has tightened US treasury yields.

* US equities slipped from record highs, with consumer confidence falling to a six month low.

OUTLOOK - USDINR

Despite the brief penetration of 73 yesterday, we are expectant of a bounce back today, aiming 73.2 or 73.4. However inability to clear 73.15 on the bounce, or a direct fall below 72.94 could ensure that the bear move that has been in play will continue towards our projected target of 72.75 or 72.

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