The offshore Chinese yuan was up slightly at 7.28 after declining to its weakest level since November on Monday
The offshore Chinese yuan was up slightly at 7.28 after declining to its weakest level since November on Monday
Financial markets in India were shut on Monday for a holiday
Routine interventions by the central bank have supported the currency over recent trading sessions
The currency came under pressure following a weaker-than-expected showing by the Narendra Modi-led coalition in the national elections on Tuesday
The Central Bank likely intervened in the non-deliverable forwards market to support the rupee, seven traders said
Early trends showed Prime Minister Narendra Modi's alliance is leading, but the tally could fall short of what exit polls predicted
The Reserve Bank of India is widely expected to not allow the rupee to dip below the 22.75 mark
The upside in the South Asian currency is expected to be capped by the ongoing nervousness about the India election outcome, which is prompting foreign outflows
The Reserve Bank of India could be lining up dollar offers on the interbank order matching system to prevent the currency from slipping to an all-time low, say traders
Foreign investors took out more than $2 billion from Indian equities last week