The Indian rupee declined in early trade on Monday. It has opened lower by 27 paise at 66.90 per dollar versus 66.63 Friday. Agam Gupta of StanChart said, "We expect the USD-INR pair to trade between 66.75-67.10/dollar range today." The yen jumped to 117 per dollar, its strongest level since August. The dollar index was at around 98 mark.
China's yuan again dominated moves on major foreign exchange markets on Monday, driven 1 percent higher against the dollar in offshore trade after reports of another round of aggressive intervention by Beijing. With Chinese stocks sinking a further 5 percent, global financial markets were struggling to shake off the jitters from last week's fall in the yuan. The dollar was higher against the euro while the yen hit five - month highs in Asian trade only to retreat after the People's Bank of China (PBOC) made moves in Hong Kong markets to support the yuan. The Australian dollar, the main proxy for Chinese sentiment in the G10 list of major developed world currencies, recovered from a four - month low to stand 0.3 percent higher at $0.6977 . The dollar built on its gains against the yen in early European trade, up 0.3 percent at 117.68 yen. Earlier on Monday it touched a low of 116.70 yen, the lowest since late August. The euro eased 0.4 percent to $1.0882, still above Friday's low of $1.0803.
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