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* USDINR closed 24 paise higher at 74.91 yesterday

* FBIL set the reference rate for USDINR at 74.5607 and Euro at 89.19

* India: Foreign exchange reserves rose by $1.193bn to $582.406bn in the week ended 16th April

* Dollar weak today on speculation of Fed chair Powell avoiding talk of reducing bond purchases

* Pound set to witness very rapid recovery: BoE deputy Governor

* Economic data puts Euro and USD in focus today

OUTLOOK - USDINR

Rupee opened 7 paise lower at 75.02, from its previous close against the US dollar and it finally closed a net 24 paise higher at 74.91 last day. USDINR had gained as far as the intraday high of 74.79 and fell to an intraday low of 75.19. The dollar index which compares the strength of the dollar against 6 major currencies fell by 0.5% and closed at 90.83. Brent crude futures rose 0.59% to trade at $66.11/barrel. USDINR near futures are at 75.0475 with the next support seen at 74.8108 and next resistance seen at 75.2633 ahead of market opening today.

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