EM ASIA FX-Won leads Asia FX gains; weak data weigh on rupee, rupiah
(Updates prices. For midday report, double-click,
)
SINGAPORE, Sept 2 (Reuters) - The South Korean won hit a
near four-month high on Monday, leading gains among emerging
Asian currencies, helped by solid China factory surveys, while
the Indian rupee and the Indonesia rupiah fell on deteriorating
economic fundamentals.
The won rose as much as 0.9 percent to 1,100.1
per dollar in domestic trade, its strongest since May 10, on
demand from exporters for settlements and offshore funds' bids.
The foreign exchange authorities were not spotted
intervening to stem its appreciation despite mounting caution
over their dollar purchases, traders said.
The Taiwan dollar advanced up to 0.7 percent to
29.783, its strongest since July 17, on inflows from foreign
financial institutions and exporters' demand for settlements.
The Malaysian ringgit gained on short-covering
before the result of the government's fiscal meeting chaired by
Prime Minister Najib Razak. He will hold a news conference at
1000 GMT, state news agency Bernama said without giving further
details.
The Philippine peso also advanced as investors
covered bearish bets.
But spot indicative prices for the rupiah fell 0.6
percent to 10,970 per dollar, its weakest since April 2009,
after data showed Indonesia's trade deficit widened to a record
in July, emphasising the difficult road policymakers face in
shrinking a current account gap.
Banks in Indonesia placed dollar bids at more than 11,000
and the rupiah traded there, although the central bank provided
dollars at less than 11,000 rupiah, traders said.
The rupee fell as a survey showed Indian factory
activity shrank for the first time in more than four years last
month.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0800 GMT
Currency Latest bid Previous day Pct Move
Japan yen 99.33 98.10 -1.24
Sing dlr 1.2736 1.2746 +0.08
Taiwan dlr 29.868 29.983 +0.39
Korean won 1099.85 1110.00 +0.92
Baht 32.07 32.15 +0.25
Peso 44.42 44.61 +0.42
Rupiah 10970.00 10910.00 -0.55
Rupee 66.11 65.70 -0.62
Ringgit 3.2735 3.2848 +0.35
Yuan 6.1187 6.1195 +0.01
Change so far in 2013
Currency Latest bid End prev year Pct Move
Japan yen 99.33 86.79 -12.62
Sing dlr 1.2736 1.2219 -4.06
Taiwan dlr 29.868 29.136 -2.45
Korean won 1099.85 1070.60 -2.66
Baht 32.07 30.61 -4.55
Peso 44.42 41.05 -7.59
Rupiah 10970.00 9630.00 -12.22
Rupee 66.11 54.99 -16.82
Ringgit 3.2735 3.0580 -6.58
Yuan 6.1187 6.2303 +1.82
(Reporting by Jongwoo Cheon; Editing by Kim Coghill)