March 11, 2020 / 7:35 AM / a month ago

CORRECTED-EM ASIA FX-Trade in a range as doubts persist over coronavirus response measures

 (Corrects name of analyst and bank in paragraph 3)
    * Indonesia reports first death from COVID-19
    * Coronavirus cases jump in S. Korea
    * Malaysian ringgit gains after losing for 3 sessions

    By Anushka Trivedi
    March 11 (Reuters) - Indonesia's rupiah fell on Wednesday
after the country reported its first coronavirus-related death,
while other Asian currencies traded in a thin range due to the
uncertainty over proposed government measures to limit the
economic impact of the epidemic.
    The market has been hoping for concrete details of U.S.
President Donald Trump's promise for "very major" stimulus
moves, but the lack of an announcement has left investors
hanging. 
    "This could set the direction of risk appetite, and thus
Asian currencies, in the short-term. Markets are trading day by
day, assessing the severity and spread of COVID-19 globally,"
said Wei Liang Chang, a macro strategist at DBS Bank.
    The dollar fell more than 1% against the safe-haven yen
.
    In Indonesia, the central bank governor said the outlook for
economic growth this year could be lowered when it holds its
policy meeting next week.
    The rupiah dropped 0.3% after the country confirmed
its first death due to the virus.
    The government had also pledged fiscal support to help
stimulate the economy, but economists questioned how much
additional spending could be provided, given weak revenue
collection so far this year. 
    "It is imperative that policy-makers collaborate to roll out
coordinated measures that are emphatic; leaving no doubts about
the constructive solidarity of the global response," Mizuho bank
analysts said in a client note.
    Financial markets took a pounding on Monday after Saudi
Arabia and Russia's price war triggered an oil price crash and
deepened the gash caused by the coronavirus epidemic to the
global economy.
    Elsewhere, the South Korean won was little
changed against the dollar. The country reported a jump in cases
on Wednesday, compared with a day earlier where it saw a decline
in the rate of new infections.
    The Philippine peso and Thai baht also fell.
    The Indian rupee, emerging from a holiday on
Tuesday, advanced 0.4% after losing close to 1% over the last
three days. The Singapore dollar and Chinese yuan
 also gained. 
    The ringgit gained 0.3%. The country's newly
appointed prime minister said his cabinet will form an economic
action council to tackle serious issues affecting the country's
economy such as the drop in global oil prices and the outbreak.
    
    
   CURRENCIES VS U.S. DOLLAR AS AT 0635 GMT    
 Currency                     Latest bid  Previous day  Pct Move
 Japan yen                    104.500     105.63        +1.08
 Sing dlr                     1.389       1.3914        +0.17
 Taiwan dlr                   30.068      30.036        -0.11
 Korean won                   1193.000    1193.2        +0.02
 Baht                         31.510      31.49         -0.06
 Peso                         50.523      50.45         -0.14
 Rupiah                       14380.000   14340         -0.28
 Rupee                        73.800      74.11         +0.42
 Ringgit                      4.230       4.242         +0.28
 Yuan                         6.946       6.9558        +0.14
                                                        
 Change so far in 2020                                  
 Currency                     Latest bid  End 2019      Pct Move
 Japan yen                    104.500     108.61        +3.93
 Sing dlr                     1.389       1.3444        -3.22
 Taiwan dlr                   30.068      30.106        +0.13
 Korean won                   1193.000    1156.40       -3.07
 Baht                         31.510      29.91         -5.08
 Peso                         50.523      50.65         +0.25
 Rupiah                       14380.000   13880         -3.48
 Rupee                        73.800      71.38         -3.28
 Ringgit                      4.230       4.0890        -3.33
 Yuan                         6.946       6.9632        +0.25
    

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Anil
D'Silva)
  
 
 
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