The Indian rupee depreciated to a two-week low of 86.27 against the US dollar as a result of the weakened Chinese yuan and a stronger dollar index. Corporate dollar demand surged due to the recovery in the equity market, while the year-end dollar supply ceased. The rupee, along with other Asian currencies, felt the pressure from the yuan's devaluation, which was a direct response to the US tariffs, leading to the Indonesian rupiah hitting an all-time low.