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* USDINR closed 18 paise higher at 74.30 yesterday

* RBNZ keeps cash rate unchanged at 0.25% amid expectations of a 25bps hike

* Fears of an uneven economic recovery in the US amid covid delta variant spread causes major stock indices to slip and defensive investments to post gains

* Eurozone Q2 YoY GDP growth rate at 13.6% vs -1.3% previous vs 13.7% forecast

* US retail sales slip to -1.1% vs 0.7% previous vs -0.3% forecast • Inflation data from UK, Eurozone and Canada in focus today

OUTLOOK - USDINR

Rupee opened flat at 74.12 from its previous close against the US dollar and it finally closed a net 18 paise lower at 74.30 yesterday. USDINR had gained as far as the intraday high of 74.11 and fell to an intraday low of 74.33. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.56% higher at 93.13. Brent crude futures fell 1.11% to trade at $69.28/barrel. USDINR near futures are at 74.4375 with the next support seen at 74.3217 and next resistance seen at 74.5242 ahead of market opening today.

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