India's benchmark index, the 50-share Nifty index traded below 7,200 level Tuesday after China depreciated yuan amid caution ahead of the start of Budget session of Parliament today. Global risk appetite fell tracking mixed Asian markets after China weakened its currency, reinforcing speculation that the economy is slowing and boosting demand for safer assets.
The yuan weakened as the People's Bank of China lowered its daily reference rate for the currency by the most in six weeks. The yuan slipped for a third day in Shanghai after the central bank cut its daily reference rate by 0.17%. Brent crude fell 1.44% to $34.19 per barrel on the London-based ICE futures Europe exchange
Source: Newswire
