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News 

* USDINR closed 19 paise lower at 74.74 on friday

* US inflation expectation retreats from its 2 week high pushing back hopes of monetory policy adjustment

* China's Caixin services PMI unexpectedly drop in June to 50.3 vs 55.7 expected vs 55.1 last

* RBA expected to pare back emergency stimulus despite half the country being in lockdown: Bloomberg

* India forex reserve rise by $5 bn to lifetime high of $ 609 bn

* Canada business outlook, UK and Euro services PMi in focus today

OUTLOOK - USDINR

Rupee opened 16 paise lower at 74.71 from its previous close against the US dollar and it finally closed a net 19 paise lower at 74.74 yesterday. USDINR had gained as far as the intraday high of 74.65 and fell to an intraday low of 74.87. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.31% lower at 92.24. Brent crude futures rose 0.67% to trade at $76.68/barrel. USDINR near futures are at 74.9125 with the next support seen at 74.7742 and next resistance seen at 75.0667 ahead of market opening today.

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