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News 

* USDINR closed 23 paise lower at 74.55 yesterday

* US dollar's near term outlook bright, but to fade in an year

* US dollar has its best month in 4.5 years and prints highest in 2 months

* We see Federal Reserve raising interest rate in late 2022 or early 2023: IMF

* BoE's Bailey: "Important not to overreact to temporary strong growth and inflation". Pound falls to 10 month low

* US and Canada balance of trade and US non farm payroll in focus today

OUTLOOK - USDINR

Rupee opened 5 paise lower at 74.37 from its previous close against the US dollar and it finally closed a net 23 paise lower at 74.55 yesterday. USDINR had gained as far as the intraday high of 74.33 and fell to an intraday low of 74.63. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.19% higher at 92.53. Brent crude futures rose 1.25% to trade at $76.17/barrel. USDINR near futures are at 74.7500 with the next support seen at 74.5708 and next resistance seen at 74.8858 ahead of market opening today.

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