Mumbai : Market expert Sunil Shah on Monday said the strength of rupee depends on Chinese currency Yuan and attributed the decline to weak Asian markets.
“Today the Asian markets are weak. Hong Kong’s Hang Seng is down and so is our market. Though India has emerged as the favourite destination but still we cannot insulate ourselves from the world movement,” Shah told ANI here.
“Rupee is now stronger but it all depends on yuan. If yuan weakens than rupee will also go down. So, it all depends on the Chinese currency,” he said.
The Sensex plunged over 300 points on Monday morning while Nifty fell below the level of 7,500 mark as the Asian markets tumbled with another round of tepid data, adding concerns about China’s economy.
The rupee too edged around 67 per US Dollar. The rupee was trading lower by 29 paise at 66.92 against the American currency in early trade on Monday at the Interbank Foreign Exchange market
