The Indian rupee slipped to a fresh two years low on Monday. It has opened lower by 10 paise at 67.70 per dollar versus 67.60 Friday. The rupee fell to a fresh over two-year low on Friday against the US dollar. It was down 1.45 percent last week, which is biggest weekly decline since week ended August 14, 2015. The safe-haven yen got off to a flying start today as Asian equities tumble following a big selloff on Wall Street. The dollar index slipped below the 99 mark.
China’s yuan firm as PBOC takes fresh step to curb speculation
China's yuan firmed on Monday as the central bank announced new moves to curb offshore speculation in the currency, while stocks were volatile after the securities regulator blamed immature markets and inexperienced investors for their latest meltdown. The People's Bank of China (PBOC) said it would start implementing a reserve requirement ratio for some banks involved in the offshore yuan market, in a move that seemed intended to soak up additional liquidity.The spot market opened at 6.5800 per dollar on Monday and was changing hands at 6.5792 in early trade, 48 pips below the previous close and 0.31 percent away from the midpoint, which was set at 6.559. The offshore yuan (CNH) was trading 0.18 percent away from the onshore spot at 6.591 per dollar, firmer than the previous day's close of 6.6165.
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