May 28, 2018 / 6:06 AM / a year ago

EM ASIA FX-Asian currencies gain as dollar dips; Indonesian rupiah up ahead of meet

    * Indonesian rupiah rises nearly 1 percent
    * Indian rupee at highest in two weeks

 (Adds text, updates prices)
    By Susan Mathew
    May 28 (Reuters) - Asian currencies firmed against the
dollar on Monday, as signs the U.S.-North Korean summit would go
ahead supported regional sentiment while the Indonesian rupiah
jumped after the central bank called an out-of-schedule policy
meeting for this week.
    U.S. President Donald Trump said on Sunday a U.S. team had
arrived in North Korea to prepare for a proposed summit between
him and North Korean leader Kim Jong Un, which Trump pulled out
of last week before reconsidering.
    The dollar index, which measures the greenback
against a basket of six rivals, was 0.4 percent lower at 0522
GMT. Its wider decline also came as the euro gained after
Italy's president tried to sooth concerns of political unrest in
the country.
    The Indonesian rupiah rose to its highest since May
15, leading regional currencies, after the newly appointed Bank
Indonesia (BI) governor Perry Warjiyo scheduled an additional
policy meeting later this week to discuss economic and monetary
conditions ahead of U.S. Federal Reserve's June meeting.
    Some analysts expect the central bank could raise interest
rates at the meeting.
    "With rupiah stability as the mandate, the new central bank
governor (Perry Warjiyo) probably wants to instil further
credibility in the institution," DBS Group Research said in a
    "Tactically, there is scope for a bounce in Indonesian
government bonds amid the fall in U.S. yields last week and the
prospect of more supportive measures from BI on Wednesday."
    The meeting, scheduled for Wednesday, was called over and
above the BI's monthly meet when it raised interest rate to
support the rupiah, then wallowing at 2-1/2 year lows, and to
plug capital outflows. The BI had said that it was willing to
take more action to help its currency.
    Elsewhere in Asia, the Indian rupee and the South
Korean won were up, with the rupee hitting its
highest in two weeks.
    South Korea is set to report its first quarter gross
domestic product (GDP) and May inflation data later this week,
while India will see its fourth quarter gross domestic product
being reported, which is expected to have grown 7.2 percent,
compared with 7.3 percent prior quarter as per a Reuters poll.

    The Philippine peso was marginally higher, erasing
losses from the previous session when it fell after the central
bank cut its reverse ratio. This is expected to pressure the
currency owing to higher liquidity.
    On Tuesday, some Asian markets will be closed for local

 Change on the day at   0524 GMT                    
 Currency                 Latest bid  Previous day  Pct Move
 Japan yen                109.430     109.38        -0.05
 Sing dlr                 1.338       1.3414        +0.25
 Taiwan dlr               29.895      29.945        +0.17
 Korean won               1072.000    1078          +0.56
 Baht                     31.880      31.89         +0.03
 Peso                     52.578      52.595        +0.03
 Rupiah                   13992.000   14115         +0.88
 Rupee                    67.430      67.78         +0.51
 Ringgit                  3.979       3.979         +0.00
 Yuan                     6.390       6.3917        +0.03
 Change so far in 2018                              
 Currency                 Latest bid  End 2017      Pct Move
 Japan yen                109.430     112.67        +2.96
 Sing dlr                 1.338       1.3373        -0.05
 Taiwan dlr               29.895      29.848        -0.16
 Korean won               1072.000    1070.50       -0.14
 Baht                     31.880      32.58         +2.20
 Peso                     52.578      49.977        -4.95
 Rupiah                   13992.000   13565         -3.05
 Rupee                    67.430      63.87         -5.28
 Ringgit                  3.979       4.0440        +1.63
 Yuan                     6.390       6.5069        +1.83

 (Reporting by Susan Mathew in Bengaluru; Editing by Sam Holmes)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below