# Arab News | India In-Focus — Rupee hits record low; Shares fall; UltraTech Cement paying for Russian coal in Chinese yuan

> The rupee closed at a record low of 78.965 per dollar on Wednesday as the central bank sold dollars to limit losses. The Indian shares fell, and UltraTech Cement was reported paying for a Russian coal cargo in Chinese yuan.

- Date: 2022-06-29 · published 2022-06-29T12:00:00.000Z
- Category: macro · region India · magnitude low
- Page: https://feedsoft.ai/events/41215-arab-news-india-in-focus-rupee-hits-record-low-shares-fall-ultratech-cement
- Commodities: [Indian Rupee (INR per USD)](https://feedsoft.ai/c/USDINR.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Rupee weakness and rising crude prices raise India's import costs and inflation risks, which can curb demand for imported commodities. The yuan settlement for Russian coal is a minor payments detail.

## Read by commodity

- USDCNY: neutral
- USDINR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2018-11-07 | [China's reserves fall, suggesting Beijing propping up yuan \| AP News](https://feedsoft.ai/events/62266-china-s-reserves-fall-suggesting-beijing-propping-up-yuan-ap-news.md) | +0.5% | -0.6% |
| USDCNY | 2022-06-14 | [China's yuan recovers from 1-month low, Fed, PBOC in focus \| Financial Post](https://feedsoft.ai/events/41172-china-s-yuan-recovers-from-1-month-low-fed-pboc-in-focus-financial-post.md) | -1.0% | -0.5% |
| USDCNY | 2018-10-30 | [Major Chinese banks seen swapping yuan for dollars in forwards: traders \| Reuters](https://feedsoft.ai/events/62767-major-chinese-banks-seen-swapping-yuan-for-dollars-in-forwards-traders-reuters.md) | -0.5% | -0.1% |
| USDCNY | 2024-11-04 | [Yuan Reaches New Heights Ahead Of Key US Election And Chinese Meetings - Finimize](https://feedsoft.ai/events/6699-yuan-reaches-new-heights-ahead-of-key-us-election-and-chinese-meetings-finimize.md) | +0.8% | +2.3% |
| USDCNY | 2022-02-23 | [Fisher: Why U.S. Rate Hikes Won’t Whack the Yuan — or Chinese Stocks - Caixin Global](https://feedsoft.ai/events/42931-fisher-why-u-s-rate-hikes-won-t-whack-the-yuan-or-chinese-stocks-caixin-global.md) | -0.2% | +0.6% |

## Sources

- arabnews.com: https://www.arabnews.com/business/india-in-focus-rupee-hits-record-low-shares-fall-ultratech-cement-paying-for-russian-coal-in-chinese-yuan-2113311

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.