May 14, 2014 / 8:14 AM / 3 years ago

EM ASIA FX-Rupiah gains on boost to Jokowi's election campaign; intervention drags on won

(Updates prices. For midday report, double-click
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    SINGAPORE, May 14 (Reuters) - The Indonesian rupiah led
gains among emerging Asian currencies on Wednesday after the
presidential candidacy of Jakarta Governor Joko "Jokowi" Widodo
gained support from a major political party.
    The South Korean won, however, skidded 0.6
percent, its largest daily loss in nearly three months. Traders
suspected "strong" intervention by the foreign exchange
authorities to stem the currency's appreciation.
    The rupiah rose 0.8 percent to 11,445 per dollar,
its strongest since April 22. If those gains hold up for the
day, Wednesday will mark the currency's largest daily percentage
gain since March 28, according to Thomson Reuters data.
    On Tuesday, frontrunner Jokowi secured the support of
Golkar, the political vehicle of longtime president Suharto, for
the presidential vote on July 19. Golkar won 15 percent of the
parliamentary vote in April, while Jokowi's party got 19
percent. 
    Foreign and local banks bought the Indonesian currency as
its non-deliverable forwards (NDFs) also rose. Local
stocks hit an 11-month high.
    The Philippine peso followed the rupiah, touching
a near six-month high, on demand from offshore hedge funds and
lower government bond yields.
    Thailand's baht advanced as hopes of a solution to
political unrest caused investors to cut bearish bets on the
currency.
    Bangkok shares jumped more than 1 percent after the
Senate met on Tuesday, with both sides putting pressure on the
only legislative assembly still functioning in the country.
 
    The Malaysian ringgit rose on demand from foreign
banks and a strong government bond sale.
    The ringgit found further support from demand against the
Singapore dollar.
    
    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0800 GMT
  Currency    Latest bid   Previous day    Pct Move
  Japan yen       102.10         102.26       +0.16
  Sing dlr        1.2486         1.2520       +0.27
  Taiwan dlr      30.202         30.212       +0.03
  Korean won     1027.60        1022.10       -0.54
  Baht             32.42          32.61       +0.59
  Peso             43.55          43.82       +0.61
  Rupiah        11445.00       11535.00       +0.79
  Rupee            59.68          59.66       -0.03
  Ringgit         3.2200         3.2385       +0.57
  Yuan            6.2330         6.2291       -0.06
 
  Change so far in 2014
  Currency    Latest bid  End prev year    Pct Move
  Japan yen       102.10         105.28       +3.11
  Sing dlr        1.2486         1.2632       +1.17
  Taiwan dlr      30.202         29.950       -0.83
  Korean won     1027.60        1055.40       +2.71
  Baht             32.42          32.86       +1.36
  Peso             43.55          44.40       +1.94
  Rupiah        11445.00       12160.00       +6.25
  Rupee            59.68          61.80       +3.55
  Ringgit         3.2200         3.2755       +1.72
  Yuan            6.2330         6.0539       -2.87
 
 (Reporting by Jongwoo Cheon; Editing by Kim Coghill)

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