Rupee weakens as yuan sinks to two-year low
The Hindu
The dollar's strength against its major peers and a resurgence of COVID-19 infections across Asia's largest economy dented demand for the Chinese currency
The Indian rupee declined against the dollar on Monday, tracking a slide in Asian currencies that was led by the Chinese yuan.
The rupee closed at 79.8425 per U.S. dollar, down from 79.7950 in the previous session.
The offshore Chinese yuan declined about 0.5% to below 6.95 to the dollar, its lowest level since August 2020. The dollar's strength against its major peers and a resurgence of COVID-19 infections across Asia's largest economy dented demand for the Chinese currency.
Over the last three weeks, the yuan has declined more than 2% and is not too far away from the psychological 7 level.
"The rise in USD/CNY is sure to put more pressure on Asian pairs though relatively milder on the rupee," said Srinivas Puni, managing director at QuantArt Market Solutions. "USDINR is headed higher from here in the coming months, as structural issues assert themselves."
The "persistent" high trade deficit will be a "perennial drag on the rupee", he said.
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