The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.1712 for today, significantly lower than the previous estimate of 7.2856. This adjustment follows a series of estimates and adjustments by the central bank, which had anticipated a reference rate of 7.2433 yesterday but ultimately set it at 7.1696. Meanwhile, the Indian rupee opened at 86.48 against the US dollar, down from Thursday's close of 86.66. The rupee later appreciated to 86.50 in early trade but fell to close at 86.71 against the dollar. The fluctuations in the rupee's value are attributed to weak domestic equities and foreign fund outflows. Additionally, India's central bank, the Reserve Bank of India (RBI), announced plans to inject $10 billion into the banking system through a foreign-exchange swap to address liquidity issues.