The Indian rupee slipped to a near 10-month low on Monday, tracking a stronger dollar which led to losses across Asian currencies, but likely dollar sales by the country's central bank capped losses.
The unit had fallen to 83.0725 intraday, the lowest since Oct. 20, 2022, but trimmed losses on dollar sales by state-run banks, likely on behalf of the Reserve Bank of India , three traders"The rupee is broadly taking cues from the dollar index and fundamentals point to a broad strength in the dollar," said V. Lakshmanan, head of treasury at Federal Bank.
Asian currencies lost between 0.1% to 0.7%, while the offshore Chinese yuan was down to 7.28, its lowest in more than a month on the back of higher U.S. Treasury yields. The rise in U.S. yields came despite a small drop in the University of Michigan survey's measure of long-run inflation expectations.
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