(Updates prices. For midday report, double-click
SINGAPORE, Sept 13 (Reuters) - Most emerging Asian
currencies slid on Friday as some investors booked profits ahead
of a big Federal Reserve policy meeting and after a media report
said former Treasury Secretary Lawrence Summers would be named
the new U.S. central bank chief.
A leading Japanese business daily, Nikkei, reported that the
White House was expected to announce the nomination as early as
next week, after the Fed's Sept. 17-18 meeting. The report,
which was not confirmed, boosted the dollar.
Investors see Summers as less dovish on monetary policy than
Fed Vice Chair Janet Yellen, another top candidate for chairman
position. If nominated, Summers would likely face stiff
opposition from Republicans and some Democrats.
Emerging Asian currencies were already under pressure as
investors tried to guess how much the Fed will cut its monetary
stimulus next week.
The Indonesian rupiah slid on sustained dollar demand
from local companies despite the central bank's surprising rate
hikes on Thursday.
The Malaysian ringgit and the Thai baht
depreciated as investors cut bullish bets and there were dollar
bids from importers.
Still, most emerging Asian currencies were set to see weekly
gains as recent disappointing U.S. data prompted expectations
that the Fed may scale back its bond-buying programme less than
So far this week, the Indian rupee was the best performer in
the region with 2.6 percent appreciation against the dollar,
according to Thomson Reuters data.
The baht has advanced 1.5 percent so far this week on
capital inflows. The Philippine peso gained 1.4
percent and the ringgit was up 1.2 percent on short-covering.
The South Korean won rose 0.6 percent and the
Singapore dollar has gained 0.3 percent.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0828 GMT
Currency Latest bid Previous day Pct Move
Japan yen 99.61 99.55 -0.06
Sing dlr 1.2699 1.2668 -0.24
Taiwan dlr 29.810 29.783 -0.09
Korean won 1085.78 1085.00 -0.07
Baht 31.86 31.74 -0.38
Peso 43.86 43.89 +0.07
Rupiah 11420.00 11325.00 -0.83
Rupee 63.58 63.50 -0.13
Ringgit 3.2865 3.2776 -0.27
Yuan 6.1187 6.1180 -0.01
Change so far in 2013
Currency Latest bid End prev year Pct Move
Japan yen 99.61 86.79 -12.87
Sing dlr 1.2699 1.2219 -3.78
Taiwan dlr 29.810 29.136 -2.26
Korean won 1085.78 1070.60 -1.40
Baht 31.86 30.61 -3.92
Peso 43.86 41.05 -6.41
Rupiah 11420.00 9630.00 -15.67
Rupee 63.58 54.99 -13.51
Ringgit 3.2865 3.0580 -6.95
Yuan 6.1187 6.2303 +1.82
(Reporting by Jongwoo Cheon; Editing by Richard Borsuk)
- USA News