Indian rupee is expected to extend losses against the dollar after the U.S. upped the ante on its trade war with China by labeling the Asian nation as a currency manipulator. Rupee will likely to open around 70.81-70.86 compared with its previous close of 70.74.
Asian equities declined Tuesday after Washington designated Beijing as a currency manipulator after the Chinese yuan fell about 1.5% yesterday to its lowest in more than 10 years. The yuan’s decline to below 7 to the dollar came after President Donald Trump last week proposed tariffs on additional Chinese goods.
The U.S. Treasury Department said in a statement that Secretary Steven Mnuchin had determined that China was manipulating its currency and as a result of this determination, Washington will now engage with the International Monetary Fund to eliminate the unfair competitive advantage that Beijing was accruing.
The onshore Chinese yuan was down about 0.1% at 7.0525 to the dollar. Losses on the yuan were contained after the Chinese central bank set its daily reference rate at 6.9683, stronger than what analysts had expected.
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