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News Box

* USDINR closed 3 paise lower at 74.26 yesterday

* IMF approve $650Bn Special Drawing Rights (SDR), largest in history to boost global liquidity

* US 10yr tresury yield closes at its lowest since Feruary 2021

* Fed governor Christopher Waller says tapering could start in October, announcement in September

* India Markit manufacturing PMI at 55.3 vs 48.1 previous vs 51 forcasted, balance of trade lower than expected at - 11.23bn dollars vs -8.2bn dollars forecast

* RBA interest rate decision, economic data from US, Eurozone and Canada in focus today.

OUTLOOK - USDINR

Rupee opened flat at 74.29 from its previous close against the US dollar and it finally closed a net 3 paise higher at 74.26 yesterday. USDINR had gained as far as the intraday high of 74.23 and fell to an intraday low of 74.34. The dollar index which compares the strength of the dollar against 6 major currencies closed 0.02% lower at 92.07. Brent crude futures fell 2.83% to trade at $73.85/barrel. USDINR near futures are at 74.5575 with the next support seen at 74.4975 and next resistance seen at 74.6250 ahead of market opening today.

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