Home » Business » Impact on rupee from China's yuan move to be temporary: CEA
Impact on rupee from China's yuan move to be temporary: CEA
By Manoj Kumar and Nidhi Verma
August 14, 2015 17:56 IST
The impact of the devaluation of the Chinese yuan on the rupee will only be "temporary", given "adequate" foreign exchange reserves, the country's chief economic adviser, Arvind Subramanian, said on Friday.
The comments come after the rupee slumped to its lowest since September 2013 this week after China's action on the yuan.
The rupee fell 1.87 percent against the dollar this week, its biggest fall since late April.
India on Friday reported its forex reserves fell slightly to $353.35 billion as of Aug 7 from the previous week, not far from a record high of $355.46 billion hit in June.
Source:
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