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• USDINR closed 8 paise lower at 73.55 on Friday

 • FBIL set the reference rate for USDINR at 73.0408 and Euro at 88.7967

• RBI bought a net $10.26bn in December including a net $3.99bn in Spot forex market

• Canadian dollar rises on manufacturing PMI of 54.8 vs 54.4 last month

• US, ISM manufacturing PMI hit pandemic high 60.8 vs 58.8 forecast

OUTLOOK - USDINR

Rupee opened 7 paise higher at 72.58, from the previous close of 72.65 against the US dollar and extended its gains to finally close high at 72.49, up 16 paise on Monday. USDINR had gained as far as the intraday high of 72.29 and fell to an intraday low of 72.58. The dollar index which compares the strength of the dollar against 6 major currencies gained 0.04% and closed at 90.40. Brent crude future was up 0.57% to trade at $63.27/barrel. USDINR near futures are at 72.4675 with the next support seen at 72.3167 and next resistance seen at 72.6217 ahead of market opening today.

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