October 7, 2013 / 8:50 AM / 4 years ago

EM ASIA FX-Asian currencies slip, focus on U.S. budget impasse

(Updates prices. For earlier report, double-click on
 )
    SINGAPORE, Oct 7 (Reuters) - Asian currencies mostly eased
on Monday, taking a breather from their recent rally, as a lack
of progress toward resolving a U.S. budget standoff kept
investors' appetite for risky assets in check.
    Speculation that the U.S. government's partial shutdown
could become protracted and lessen the chances of the Federal
Reserve scaling back its monetary stimulus in the near term has
supported Asian currencies over the past few trading sessions.
    Market players, however, are also worried that the U.S.
Congress and President Barack Obama may fail to reach a deal on
raising the U.S. government's borrowing cap by an Oct. 17
deadline, which could lead to the risk of a U.S. default and
cause turmoil in financial markets. 
    Against this backdrop, emerging Asian currencies may see
some range-trading in the near term, said a trader for a
Japanese bank in Singapore.
    "Rather than see any sharp move, I think we will see these
kind of back and forth moves," the trader said.
    
     CURRENCIES VS U.S. DOLLAR 
     * Chinese markets are closed from Oct. 1 through Oct. 7 for
the National Day holiday.    
                                                        
  Change on the day at   0837 GMT                       
  Currency    Latest bid   Previous day    Pct Move
  Japan yen        96.92          97.46       +0.56
  Sing dlr        1.2492         1.2467       -0.20
  Taiwan dlr      29.502         29.502       +0.00
  Korean won     1071.64        1070.30       -0.13
  Baht             31.37          31.30       -0.22
  Peso             43.09          43.05       -0.09
  Rupiah        11533.00       11510.00       -0.20
  Rupee            61.90          61.43       -0.76
  Ringgit         3.1880         3.1825       -0.17
  Yuan            6.1220         6.1220       +0.00
                                                        
  Change so far in 2013                                 
  Currency    Latest bid  End prev year    Pct Move
  Japan yen        96.92          86.79      -10.45
  Sing dlr        1.2492         1.2219       -2.19
  Taiwan dlr      29.502         29.136       -1.24
  Korean won     1071.64        1070.60       -0.10
  Baht             31.37          30.61       -2.42
  Peso             43.09          41.05       -4.73
  Rupiah        11533.00        9630.00      -16.50
  Rupee            61.90          54.99      -11.16
  Ringgit         3.1880         3.0580       -4.08
  Yuan            6.1220         6.2303       +1.77
                                                        
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 (Reporting by Masayuki Kitano in SINAPORE; Editing by Kim
Coghill)

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