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* USDINR closed 2 paisa lower at 74.35 yesterday

* India becomes 4th largest Forex reserve holder in the world as reserves touches a high of $612bn

* US tresury secretery Yellen urges congress to act on debt limit as soon as possible

* US GDP to grow by 9.5% in 2nd quarter: RBC

* US Markit manufacturing PMI at new high of 63.1 vs 62 expected in July

* Japan Jibun bank manufacturing PMI at 52.2 vs 52.4 previous, services PMI at 46.4 vs 47.2 previous

OUTLOOK - USDINR

Rupee opened flat at 74.37 from its previous close against the US dollar and it finally closed a net 2 paisa higher at 74.35 yesterday. USDINR had gained as far as the intraday high of 74.29 and fell to an intraday low of 74.49. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.08% higher at 92.91. Brent crude futures rose 0.79% to trade at $74.35/barrel. USDINR near futures are at 74.4650 with the next support seen at 74.3742 and next resistance seen at 74.5817 ahead of market opening today.

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