Weekly Currencies Fundamental Report – 19th May 2023

USDINR: Last week, the Indian Rupee weakened by almost 0.61 percent on account of higher DXY and rising U.S. yields following hawkish comments from Federal Reserve officials. Asian currencies declined, with the Chinese yuan once again leading the way. The offshore yuan dropped to 7.0750 to the dollar, a level last seen in December. Higher U.S. yields boosted demand for the dollar.