The Indian rupee depreciated to a two-week low of 86.27 against the US dollar due to the impact of a weaker Chinese yuan and a stronger dollar index. The increase in corporate dollar demand coincided with a recovery in the equity market, while the supply of dollars at the year-end dried up. The depreciation of the yuan, which was a result of the US imposing tariffs, had a domino effect on the rupee and other Asian currencies, with the Indonesian rupiah also reaching a historic low.