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EM ASIA FX-Yuan at over 3-mth high, ringgit jumps on OPEC; other Asia FX drifts
May 26, 2017 / 6:56 AM / 4 months ago

EM ASIA FX-Yuan at over 3-mth high, ringgit jumps on OPEC; other Asia FX drifts

    * Yuan extends gains to 3-month high
    * OPEC accord helps ringgit to highest in nearly 2 years

 (Adds details, updates prices)
    By Rushil Dutta
    May 26 (Reuters) - China's yuan rose to a three-month high
on Friday, and the Malaysian ringgit firmed to its strongest in
nearly two years after OPEC and other oil producers agreed to
keep output reduced for a further nine months, but most Asian
currencies were  directionless.
    The yuan had jumped to its highest since
March-end a day earlier as major state-owned banks sold dollars
in what some traders said was a show of strength after Moody's
downgraded China's credit ratings.
    There was also speculation that China may be adjusting the
way it calculates the yuan's daily midpoint rate to tamp down
volatility.
    The latest gains left the yuan on track to post its best
weekly performance since mid-January.
    Malaysia's ringgit was on track for its sixth
straight session of gains and by midday was standing about 1
percent up for the week.
    As an oil and gas producer, Malaysia was expected to benefit
from an agreement by OPEC and some other crude producers on
Thursday to extend supply cuts of 1.8 million barrels per day
until the end of the first quarter of 2018.
    Asian currencies had mostly gained after minutes from the
Federal Reserve's last policy meeting showed policymakers
favouring a gradual approach to rate hikes, but that rally
faded.
    The Thai baht was the biggest gainer in the region,
adding 0.4 percent against the dollar, rising to its highest
since July, 2015.
    Thursday's top gainers, the South Korean won and
the Taiwan dollar both lost steam. The won, however,
was still poised for its fourth straight week of gains.
    Taiwan's markets were headed for a long weekend, with
financial markets closed on Monday and Tuesday for a national
holiday.
   
 CURRENCIES VS U.S. DOLLAR
 Change on the day at   0543 GMT                        
 Currency                     Latest bid  Previous day  Pct Move
 Japan yen                    111.450     111.82        +0.33
 Sing dlr                     1.385       1.3863        +0.10
 Taiwan dlr                   30.118      30.084        -0.11
 Korean won                   1119.200    1116.5        -0.24
 Baht                         34.080      34.23         +0.44
 Peso                         49.870      49.83         -0.08
 Rupiah                       13296.000   13307         +0.08
 Rupee                        64.610      64.61         +0.00
 Ringgit                      4.275       4.277         +0.05
 Yuan                         6.858       6.8705        +0.18
                                                        
 Change so far                                          
 Currency                     Latest bid  End 2016      Pct Move
 Japan yen                    111.450     117.07        +5.04
 Sing dlr                     1.385       1.4490        +4.63
 Taiwan dlr                   30.118      32.279        +7.18
 Korean won                   1119.200    1207.70       +7.91
 Baht                         34.080      35.80         +5.05
 Peso                         49.870      49.72         -0.30
 Rupiah                       13296.000   13470         +1.31
 Rupee                        64.610      67.92         +5.12
 Ringgit                      4.275       4.4845        +4.90
 Yuan                         6.858       6.9467        +1.29
 
 (Reporting by Rushil Dutta in Bengaluru; Editing by Simon
Cameron-Moore)
  
 
 

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