Indian rupee hits six-week low

The Indian rupee hit a more-than-six-week low against the US dollar on Wednesday, in line with the decline in other Asian currencies that tracked the fall in the Chinese yuan after weak economic data.

The rupee hit 82.4425 against the US dollar, its lowest since April 3, during the session, before recovering to close up 0.21% at 82.38.

The Chinese yuan fell to 7.02 against the dollar, its lowest since December, amid geopolitical tensions and as data on industrial output, retail sales and property investment showed China's post-Covid recovery losing steam.

The weak economic print from China has weighed on Asian currencies, said analysts.