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* USDINR closed 12 paise lower at 74.37 yesterday

* US trade representative says that US will back Australia in trade dispute with China

* US President Joe biden assures that infrastructure deal will be finalized soon and help with inflation

* ECB officials to outline impact of new inflation goals on future monetary policies

* Inflation moderation expected by 2022, but rates could trend higher compared to pre crisis times: Scope Ratings

OUTLOOK - USDINR

Rupee opened flat at 74.49 from its previous close against the US dollar and it finally closed a net 12 paisa higher at 74.37 yesterday. USDINR had gained as far as the intraday high of 74.31 and fell to an intraday low of 74.61. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.20% lower at 92.78. Brent crude futures fell 5.10% to trade at $72.34/barrel. USDINR near futures are at 74.7050 with the next support seen at 74.5392 and next resistance seen at 74.9517 ahead of market opening today.

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