The Indian rupee soared to its highest level in two weeks on Wednesday, boosted by inflows of portfolio capital, while improved chances of rate cuts by the Federal Reserve later this year further supported the currency. The rupee was at 83.3550 against the US dollar at 10:05 IST, higher than its previous close of 83.41. The currency reached a high of 83.3450 at the start of trading, its highest since June 5

For its part, the Chinese yuan was little changed on Wednesday, close to its lowest level in seven months against the US dollar, as the central bank's desire to prevent too much fluctuation in the yuan partially offset the weakness in sentiment. Around 03:40 GMT, the yuan was down 0.03% to 7.2559 per dollar after trading in a range of 7.2548 to 7.2564