EM ASIA FX-Ringgit at 4-mth high on Malaysia fiscal plans; rupiah hit

Reuters

(Updates prices. For midday report, double-click

)

SINGAPORE, Oct 28 (Reuters) - The Malaysian ringgit raced to

its highest in more than four months on Monday as government

steps to tackle a worrying fiscal deficit attracted capital

inflows, while the Indonesian rupiah slid on month-end corporate

dollar demand.

The ringgit rose as much as 1.1 percent to 3.1220

per dollar, its strongest since June 17.

On Friday, the government announced a new consumption tax at

a higher-than-expected 6 percent, abolished subsidies on sugar,

and hiked property taxes to dent a surge in home prices.

The Malaysian currency, however, gave up a part of its

initial rises as local investors took profits, and ended the day

up 0.7 percent.

Fitch Ratings, which cut the Malaysia's sovereign rating

outlook in July, said the budget signaled reforms but stressed

that implementation was key.

The rupiah fell as dollar bids from domestic

companies prompted investors to book profits from the last

week's best performing emerging Asian currency.

Meanwhile, most emerging Asian currencies barely budged as

investors awaited the U.S. Federal Reserve's policy meeting on

Tuesday and Wednesday.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0800 GMT

Currency Latest bid Previous day Pct Move

Japan yen 97.56 97.39 -0.17

Sing dlr 1.2360 1.2355 -0.04

Taiwan dlr 29.437 29.455 +0.06

Korean won 1060.75 1061.80 +0.10

Baht 31.02 31.07 +0.16

*Peso 43.05 43.05 +0.00

Rupiah 11075.00 11010.00 -0.59

Rupee 61.50 61.46 -0.07

Ringgit 3.1360 3.1568 +0.66

Yuan 6.0855 6.0840 -0.02

Change so far in 2013

Currency Latest bid End prev year Pct Move

Japan yen 97.56 86.79 -11.04

Sing dlr 1.2360 1.2219 -1.14

Taiwan dlr 29.437 29.136 -1.02

Korean won 1060.75 1070.60 +0.93

Baht 31.02 30.61 -1.32

Peso 43.05 41.05 -4.65

Rupiah 11075.00 9630.00 -13.05

Rupee 61.50 54.99 -10.59

Ringgit 3.1360 3.0580 -2.49

Yuan 6.0855 6.2303 +2.38

* Financial markets in the Philippines were closed for a

holiday.

(Reporting by Jongwoo Cheon; Editing by Kim Coghill)

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