Rupee Falls Sharply As China Devalues Yuan

Business

oi-Sunil

By Sunil Fernandes

Published: Tuesday, August 11, 2015, 9:57 [IST]

The rupee fell sharply in trade by 28 paise to well below the 64 levels mark and was last trading at 64.15 to the dollar as the Chinese Central Bank devalued the Yuan.

The country's central bank said its decision to devalue the Yuan, was a "one-off depreciation" of nearly 2 percent. Check rupee rate against the dollar and other currencies

The dollar remained strong against the Yuan. The rupee may continue to trade below the 64 levels mark following the Chinese central bank's decision.

Today's fall in the rupee helped lift share prices of exporters, particularly IT service providers like Infosys, which gets bulk of their revenues in dollars, while share of oil marketing companies like BPCL dropped.

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