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* USDINR closed 26 paise higher at 74.46 yesterday

* "Upside risk to the inflation outlook in the near term has increased": Fed Monetary policy report

* ECB governer Lagarde expects policy change in July and 2022 measures

* Eurozone not expecting excessively high inflation in near future with medium term outlook of 1.4% in 2023 despite uncertainity: ECB board member Isabel Schnabel

* Japan Producer Price Index rises 0.6% in June vs 0.8% previous vs 0.5% forecast

OUTLOOK - USDINR

Rupee opened flat at 74.72 from its previous close against the US dollar and it finally closed a net 26 paisa higher at 74.46 on Friday. USDINR had gained as far as the intraday high of 74.44 and fell to an intraday low of 74.73. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.27% lower at 92.10. Brent crude futures rose 1.60% to trade at $76.01/barrel. USDINR near futures are at 74.7750 with the next support seen at 74.6783 and next resistance seen at 74.9058 ahead of market opening today.

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