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News Box

* USDINR closed 17 paise lower at 74.15 yesterday

* US Q2 GDP rowth rate at 6.5% vs 6.3% previous vs 8.5% forecast

* Dollar clocks biggest weekly loss since may as GDP, employment data disappoint, inflation expectation jump to 2 month high

* Despite lower than expected GDP rowth, it is expected to remain solid in comin quarters: Wells Fargo

* BoJ member Noguchi expect hitting price target by end of 2021,to start debate on strategy

* Economic data from Eurozone, Canada, Japan and US in focus today.

OUTLOOK - USDINR

Rupee opened flat at 74.32 from its previous close against the US dollar and it finally closed a net 17 paise higher at 74.15 yesterday. USDINR had gained as far as the intraday high of 74.09 and fell to an intraday low of 74.33. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.42% lower at 91.88. Brent crude futures rose 1.36% to trade at $75.75/barrel. USDINR near futures are at 74.4900 with the next support seen at 74.4150 and next resistance seen at 74.5900 ahead of market opening today.

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