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* Oil prices rise to a one-week high on Tuesday as a move by major economies to coordinate the release of reserves falls short of expectations. Surging European Covid-19 cases put a leash on demand.

* 10 year US treasury yields continue the rise fuelled by Jerome Powell's renomination as Fed chairman

* USD/INR settled at 74.40 after an initial rise powered by the jump in the dollar index and the US treasury yield following the renomination of Jerome Powell.

* The uptick in US treasury yields forces Gold to remain on its downward trend.

OUTLOOK - USDINR

Yet another day of wide ranges was followed by a flat close yesterday suggesting indecision, thereby forcing us to set aside our upside expectations of 74.82-.2 until a close above 74.6 is seen.

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