Yuan impact on rupee to be temporary: Arvind Subramanian

The impact of the devaluation of the Chinese yuan on the rupee will only be "temporary", given "adequate" foreign exchange reserves, chief economic adviser, Arvind Subramanian, said on Friday.

The comments come after the rupee slumped to its lowest since September 2013 this week after China's action on the yuan . The rupee fell 1.87 per cent against the dollar this week, its biggest fall since late April.

India on Friday reported its forex reserves fell slightly to $353.35 billion as of August 7 from the previous week, not far from a record high of $355.46 billion hit in June.