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EM ASIA FX-Most weaker after dollar rebound; won gains as N.Korea worries ease
September 12, 2017 / 6:10 AM / 3 months ago

EM ASIA FX-Most weaker after dollar rebound; won gains as N.Korea worries ease

 (Adds text, updates prices)
    Sept 12 (Reuters) - Most Asian currencies weakened on
Tuesday as the U.S. dollar strengthened for a second day as
Hurricane Irma proved not as destructive as first feared and
anxiety over North Korean weapons tests receded.  
    The dollar held on to gains after Hurricane Irma was
downgraded to a tropical storm early on Monday, while risk
appetite recovered after North Korea opted not to fire missiles
or test nuclear weapons on Saturday as some had feared.
    Investor focus has also shifted to a batch of data from the
United Sates due later this week. 
    The easing of concerns over North Korea pushed up South
Korean equities and the won, which was among the few gaining
currencies in the region.
    South Korea's benchmark KOSPI stock index rose about
0.2 percent in tandem with broader Asia shares excluding Japan
.
    The won was about 0.2 percent firmer, after
closing slightly weaker in the previous session, helped by the
United Nations Security Council unanimously stepping up
sanctions against North Korea on Monday, imposing a ban on the
country's textile exports and capping imports of crude oil.

    Meanwhile, the dollar rebound reflected in the People's Bank
of China lowering its official yuan midpoint to
6.5277 per dollar, snapping 11 days of stronger fixings.
    The yuan was 0.3 percent lower after it weakened
above the psychologically important level of 6.5 in the previous
session when the Chinese central bank relaxed controls on
capital outflows.
    Markets in the Philippines were closed after the government
suspended financial trading because of flooding.
    
    RINGGIT AND RUPIAH
    
    The ringgit and the rupiah were about 0.2
percent and 0.4 percent weaker as the currencies consolidated on
the back of gains in the past few sessions.
    The ringgit, which weakened marginally in the previous
session, had risen close to 2 percent over last week, while the
rupiah had strengthened more than 1 percent over the same
period.
    The rupiah was at its highest level against the dollar in 10
months on Monday.
    "The Indonesian rupiah still looks pretty solid," said Andy
Ji, Asia currency strategist at Commonwealth Bank of Australia.
    "It looks pretty good because current account has improved
so much, which is a big plus, and capital inflows into the local
market have been solid the whole year."
    Mirza Adityaswara, Indonesia's central bank deputy governor,
said on Monday that the country expected post a balance of
payments surplus of $9 billion this year, higher than forecast
earlier but less than 2016's surplus.
    
    CURRENCIES VS U.S. DOLLAR

 Change on the day at   0518 GMT                        
 Currency                     Latest bid  Previous day  Pct Move
 Japan yen                    109.44      109.39        -0.05
 Sing dlr                     1.3459      1.3466        +0.05
 Taiwan dlr                   30.030      30.026        -0.01
 Korean won                   1130        1131.9        +0.19
 Baht                         33.110      33.12         +0.03
 Rupiah                       13213       13160         -0.40
 Rupee                        64.00       63.93         -0.11
 Ringgit                      4.204       4.195         -0.21
 Yuan                         6.546       6.5260        -0.30
                                                        
 Change so far in 2017                                  
 Currency                     Latest bid  End 2016      Pct Move
 Japan yen                    109.44      117.07        +6.97
 Sing dlr                     1.3459      1.4490        +7.66
 Taiwan dlr                   30.030      32.279        +7.49
 Korean won                   1130        1207.70       +6.90
 Baht                         33.110      35.80         +8.12
 Rupiah                       13213       13470         +1.95
 Rupee                        64.000      67.92         +6.13
 Ringgit                      4.204       4.4845        +6.67
 Yuan                         6.546       6.9467        +6.12
 
 (Reporting by Rushil Dutta in Bengaluru; Editing by Eric
Meijer)
  
 
 

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