December 27, 2018 / 5:09 AM / 6 months ago

EM ASIA FX-Most Asian currencies subdued as U.S. share rally boosts dollar

 (Adds text, updates prices)
    By Aditya Soni
    Dec 27 (Reuters) - Most emerging Asian currencies slipped on
Thursday, as the dollar retained the strength it gained
overnight after a dramatic Wall Street rally.
    Strong holiday sales data and Washington's efforts to
assuage investor concerns led to a buying spree, with the Dow
Jones Industrial Average soaring more than 1,000 points
for the first time, following an earlier rout.
    The surge lifted Asian shares but not currencies, most of
which barely moved in light year-end trade. 
    However, the Philippine peso and South Korean won
 firmed 0.3 percent and 0.4 percent, respectively. 
    Market participants were reluctant to take on risk in the
face of uncertainty regarding the U.S. government shutdown and
indications of slackening global growth. 
    "The muted reaction is due to the lingering uncertainty as
to whether we are about to see the last of the volatility
introduced by politics in Washington," Sim Moh Siong, FX
strategist at Bank of Singapore said. 
   "Market is still quite wary in terms of U.S. policy
uncertainty so unless we see a change in style of leadership, it
will keep investors on the sidelines," Sim added.
    Rising U.S. borrowing costs, global slowdown concerns and
the Sino-U.S. trade war have drained capital from emerging
markets during this year, putting most Asian currencies on track
for heavy losses in 2018.
    On Thursday, the Indian rupee, the worst performing
Asian unit this year, slipped 0.2 percent as a 8 percent surge
in oil prices on Wednesday threatened to widen India's fiscal
deficit. India is among the top oil importers in Asia.
    The Chinese yuan and Indonesian rupiah
both edged 0.1 percent lower.


    The following table shows rates for Asian currencies against
the dollar at 0422 GMT.
    CURRENCIES VS U.S. DOLLAR
    
 Currency                     Latest bid  Previous day  Pct Move
 Japan yen                    110.840     111.35        +0.46
 Sing dlr                     1.372       1.3717        -0.04
 Taiwan dlr                   30.794      30.815        +0.07
 Korean won                   1121.400    1125.4        +0.36
 Baht                         32.580      32.57         -0.03
 Peso                         52.720      52.9          +0.34
 Rupiah                       14580.000   14570         -0.07
 Rupee                        70.200      70.07         -0.19
 Ringgit                      4.175       4.175         +0.00
 Yuan                         6.892       6.8848        -0.10
                                                        
 Change so far in 2018                                  
 Currency                     Latest bid  End 2017      Pct Move
 Japan yen                    110.840     112.67        +1.65
 Sing dlr                     1.372       1.3373        -2.54
 Taiwan dlr                   30.794      29.848        -3.07
 Korean won                   1121.400    1070.50       -4.54
 Baht                         32.580      32.58         +0.00
 Peso                         52.720      49.93         -5.29
 Rupiah                       14580.000   13565         -6.96
 Rupee                        70.200      63.87         -9.02
 Ringgit                      4.175       4.0440        -3.14
 Yuan                         6.892       6.5069        -5.58
 

 (Reporting by Aditya Soni in Bengaluru)
  
 
 
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