Yuan strengthens against US dollar, Rupee falls

BEIJING, July 31 (Xinhua): The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 21 pips to 6.8841 against the US dollar Wednesday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2.0 per cent from the central parity rate each trading day.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

PTI from Mumbai adds: The rupee tumbled 9.0 paise to trade at 68.94 against the US dollar in early trade on Wednesday amid unabated foreign fund outflows and rising crude oil prices.