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* USDINR closed 87 paise lower at 73.38 yesterday

* FBIL set the reference rate for USDINR at 72.2928 and Euro at 86.2169

* US president Biden to propose nearly $2tn to spend on infrastructure and job market over 8yrs

* Rupee down by 1% as dollar strengthens and year end demand for dollar to meet payment obligation on imports weighted on rupee

* Japan expects positive growth in Jan- Mar output: Govt offical

* Economic releases from EUR, CAD and USD in focus today

OUTLOOK - USDINR

Rupee opened 34 paise down at 72.85, from its previous close against the US dollar and it finally closed sharply lower at 73.38 yesterday. USDINR had gained as far as the intraday high of 72.77 and fell to an intraday low of 73.47. The dollar index which compares the strength of the dollar against 6 major currencies rose by 0.20% and closed at 93.12. Brent crude future declined 0.69% to trade at $64.53/barrel. USDINR near futures are at 73.8675 with the next support seen at 73.2775 and next resistance seen at 74.1825 ahead of market opening today

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