Indian Rupee Faces Pressure as Weaker Yuan Weighs on Asian FX
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#19e6c8d0 ver:0.57
The Indian rupee is likely to open flat on Wednesday, although the Indian currency may face some pressure on the back of a decline in the offshore Chinese yuan that dragged most Asian currencies lower. Non-deliverable forwards indicate the rupee will open largely unchanged from its close at 83.28 against the US dollar on Tuesday. Last week, a decline in the yuan had pressured the rupee alongside dollar outflows, pushing it to a record low on Friday. But the currency recovered by nearly 0.2% on Tuesday, likely aided by the central bank's intervention and remittance inflows, traders said .
Despite the slight weakening, the Indian rupee has shown signs of recovery. It appreciated 29 paise to 83.32 against the US dollar in early trade on Tuesday. India's forex reserves also increased by USD 6...
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