Due to a global wave of risk aversion, sustained sales against the yen, and unconvincing easing measures from China that caused them to fall sharply, the Australian and New Zealand dollars are expected to see their biggest two-week drop in nearly two weeks years. The New Zealand dollar held steady at $0.5889, after sliding for a sixth day overnight to a three-month low of $0.5873. Australian and New Zealand dollars are often used as liquid substitutes for the Chinese yuan, reflecting China's status as the largest trading partner of both countries

The Indian rupee is expected to fall to an all-time low on Friday due to the volatility of the Chinese yuan. Undeliverable futures indicate that the rupee will open at 83.73-83.74 per US dollar, down from 83.6975 in the previous session, surpassing the all-time low of 83.72. The yuan, which had slipped to nearly 7.30 last week, hit a high of 7.221 per US dollar

The yuan depreciated slightly against the US dollar on Friday, after registering the strongest close in two months the day before. The yuan was down 0.04% against the dollar at 7.2481 at 03:48 GMT. It moved in a range of 7.2275 to 7.2512 during the morning. The spot yuan opened at 7.2399 per dollar and was trading 31 pips lower than the previous end-of-session close and 1.7% weaker than