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EM ASIA FX-Asian currencies rise on weak dollar; yuan at strongest in over a year
August 28, 2017 / 5:54 AM / 3 months ago

EM ASIA FX-Asian currencies rise on weak dollar; yuan at strongest in over a year

 (Adds text, updates prices)
    By Christina Martin
    Aug 28 (Reuters) - Most emerging Asian currencies
strengthened on Monday as the dollar weakened and touched a more
than two-and-a-half year low against the euro after a gathering
of central bankers in Jackson Hole, Wyoming. 
     China's central bank on Monday fixed the official yuan
midpoint to its strongest level since August 2016,
while the Korean won, the top performer rose to a
near four-week high. 
    The dollar stumbled after Federal Reserve Chair Janet Yellen
made no reference to U.S. monetary policy in her speech at the
Jackson Hole symposium, which disappointed investors who had
hoped for hints on the Fed's plans for interest rates.

    The euro surged after European Central Bank President Mario
Draghi, speaking at the same event, did not cite the common
currency's strength as a concern or discuss monetary policy
specifically. 
    The Taiwan dollar headed for a sixth straight
session of gains, up as much as 0.4 percent, hitting its highest
in 11 weeks, while Malaysia's ringgit climbed to over a
10-week high. 
    The Indian rupee edged up as much as 0.2 percent to
its highest level in more than two weeks. 
    Bucking the trend, the Singapore dollar inched down. 
    Philippine financial markets were closed on Monday for a
holiday. 
    
    CHINA'S YUAN
    The Chinese yuan gained as much as 0.3 percent on
Monday to its strongest level against the U.S. dollar in more
than a year.
    The People's Bank of China raised its yuan midpoint
 to 6.6353 per dollar, its highest since Aug. 16,
2016, reflecting broad weakness in the U.S. currency in global
markets.
    The global dollar index fell to 92.519 from the
previous close of 92.74.
    Offshore yuan was trading 0.06 percent firmer than the
onshore spot at 6.6377 per dollar.
    
    KOREAN WON
    The South Korean won rose up to 0.8 percent on
Monday to 1,121.1 to the dollar, its highest intraday level in
almost four weeks. 
    The Korea Composite Stock Price Index (KOSPI) was
down 0.3 percent at 2,369.03 points.
    Offshore investors were set to be net sellers of KOSPI
shares, disposing a net 33.9 billion Korean won ($30.26 million)
worth near mid-session. 
    
    The following table shows rates for Asian currencies against
the dollar at 0508 GMT.
    CURRENCIES VS U.S. DOLLAR
  Currency               Latest bid  Previous day   Pct Move
  Japan yen              109.13            109.36      +0.21
  Sing dlr               1.3559            1.3550      -0.07
  Taiwan dlr             30.143            30.250      +0.35
  Korean won             1120              1128.2      +0.70
  Baht                   33.220             33.29      +0.21
  Rupiah                 13337              13345      +0.06
  Rupee                  63.90              64.03      +0.20
  Ringgit                4.265             4.2715      +0.15
  Yuan                   6.643             6.6484      +0.09
                                                            
  Change so far in 2017                                     
  Currency               Latest bid   End 2016      Pct Move
  Japan yen              109.13            117.07      +7.28
  Sing dlr               1.3559            1.4490      +6.87
  Taiwan dlr             30.143            32.279      +7.09
  Korean won             1120             1207.70      +7.79
  Baht                   33.220             35.80      +7.77
  Rupiah                 13337              13470      +1.00
  Rupee                  63.903             67.92      +6.29
  Ringgit                4.265             4.4845      +5.15
  Yuan                   6.643             6.9467      +4.58
 

 (Reporting by Christina Martin in Bengaluru; Editing by Richard
Borsuk)
  
 
 

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