Rupee gives up some gains as Chinese yuan dips on softer-than-expected economic growth, ends at 81.91 per dollar2 min read 06 Mar 2023, 03:16 PM IST
Rupee took lead in the gains in Asian currencies against the US dollar. South Korean won and Malaysian ringgit also appreciated. However, the upside was capped due to fears that central banks across the globe would keep raising rates and the Chinese government setting a modest growth rate of 5% for the economy in 2023.
After touching more than one-month high, rupee gives up majority of its gains on Monday as the Chinese yuan tumbled against the US dollar. Although, rupee ended slightly higher, however, the upside was capped after the Chinese government set softer-than-expected economic growth for the current year. Factors like Federal Reserve Chair Jerome Powell's two-day testimony and US job report this week will play a key role in swaying rupee's movement against the greenback.
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