Rupee ends almost flat despite gains in Asian peers

The Indian rupee had little movement against the dollar despite Asian peers gaining following signs of the Chinese central bank’s concern about the recent decline of the yuan. Indian experts predict the current stalemate will continue with the RBI likely to keep buying dollars. The offshore Chinese yuan recovered to 7.2248 to the U.S. dollar but the other Asian currencies were weaker and the dollar index strengthened. Rupee forward premiums edged up with the one-year implied yield hitting a one-month high of 1.87% before falling back to end one basis point lower at 1.84%.