The issue of interlayer exchange coupling in magnetic multilayers with superconducting (SC) spacer is addressed in La0.67Sr0.33MnO3 (LSMO) -YBa2Cu3O7 (YBCO) -La0.67Sr0.33MnO3 (LSMO) epitaxial trilayers through resistivity, ac-susceptibility and magnetization measurements. The ferromagnetic (FM) LSMO layers possessing in-plane magnetization suppress the critical temperature (Tc) of the c-axis oriented YBCO thin film spacer. The superconducting order, however, survives even in very thin layers (thickness dY ∼ 50Å, ∼ 4 unit cells) at T < 25 K. A predominantly antiferromagnetic (AF) exchange coupling between the moments of the LSMO layers at fields < 200 Oe is seen in the normal as well as the superconducting states of the YBCO spacer. The exchange energy J1 (∼ 0.08 erg/cm 2 at 150 K for dY = 75Å) grows on cooling down to Tc, followed by truncation of this growth on entering the superconducting state. The coupling energy J1 at a fixed temperature drops exponentially with the thickness of the YBCO layer. The temperature and dY dependencies of this primarily non-oscillatory J1 are consistent with the coupling theories for systems in which transport is controlled by tunneling. The truncation of the monotonic T dependence of J1 below Tc suggests inhibition of single electron tunneling across the CuO2 planes as the in-plane gap parameter acquires a non-zero value.