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Rupee hits new high

MUMBAI: A surprise revaluation of the Chinese currency yuan on Thursday sent the rupee to a new high of 43.20/25 a dollar, as the Indian unit adjusted sharply upwards following the dollar's virtual slump.

Minutes before the closing bell, the rupee soared to 43.15/19 a dollar after the Chinese central bank revalued the yuan and pegged it at 8.11 from 8.27 a dollar earlier, dealers said.

The rupee later settled at 43.20/25 a dollar at the close, breaching the 71-month closing high of 43.29/30 struck on May 11, they added.

The rupee gained a whopping 30 paise from the previous closing levels of 43.51/52 after the yuan revaluation in line with a spike in most other Asian currencies.

Meanwhile, the Reserve Bank of India fixed the reference rate for the U.S. currency at Rs. 43.51 and for the single European unit at Rs. 52.84. — PTI

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