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EM ASIA FX-Taiwan dlr near 2-week high; rupiah sees worst year since 2000
December 31, 2013 / 8:22 AM / 4 years ago

EM ASIA FX-Taiwan dlr near 2-week high; rupiah sees worst year since 2000

(Updates prices. For midday report, double-click
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    SEOUL, Dec 31 (Reuters) - The Taiwan dollar hit a near
two-week high on Tuesday amid strong emerging Asian currencies,
but most regional units fell in 2013 with Indonesia's rupiah
seeing the largest slide in 13 years on the U.S. Federal
Reserve's plan to reduce stimulus.
    The Taiwan dollar rose as much as 0.9 percent to
29.765 to the U.S. dollar, its strongest since Dec. 19, as
investors bought it for proxy trades to bet on a stronger yuan
.
    The renminbi hit a record high for the third straight
session with the central bank steering the currency firmer to
meet a pre-determined full-year target, traders said. 
    "TWD is correlated with CNY due to strong economic, and
especially trade, links between the two," said Dariusz
Kowalczyk, a senior economist and strategist for Credit Agricole
CIB in Hong Kong, referring to the Taiwan dollar and the yuan.
    The Malaysian ringgit rose as investors covered
short positions and on demand from oil exporters in thin
trading. The Indonesian rupiah also advanced with
intervention spotted and year-end corporate dollar demand
completed, traders said.
    Still, most emerging Asian currencies were set to suffer
losses in 2013 with the bleak outlook as the Fed announced it
would scale back its bond-buying programme, traders and analysts
said.
    The rupiah and the Indian rupee led slides among
emerging Asian currencies this year, according to Thomson
Reuters data.
    The Indonesian currency lost 20.9 percent against the
dollar, the largest annual loss since 2000. Due to Indonesia's
current account deficit, the rupiah is regarded as the most
vulnerable Asian currency to capital outflows on the Fed's
policy shift.
    The rupee fell 11.1 percent on weak economic growth and high
inflation.
    The Philippine peso slid 7.5 percent, while
Thailand's baht fell 6.9 percent. The ringgit lost 6.7
percent.
    But the yuan and the South Korean won bucked the
trend. The Chinese currency gained 2.9 percent, becoming the
best-performing Asian currency of the year.
    The won rose 1.4 percent in the local market on current
account surplus and as some investors saw the country's assets
safer than ones in other emerging Asian countries.
    
    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0800 GMT
  Currency    Latest bid   Previous day    Pct Move
 *Japan yen       104.99         105.15       +0.15
  Sing dlr        1.2639         1.2675       +0.28
  Taiwan dlr      29.918         30.030       +0.37
 *Korean won     1055.25        1055.40       +0.01
 *Baht             32.87          32.86       -0.03
 *Peso             44.40          44.40       +0.00
  Rupiah        12170.00       12200.00       +0.25
  Rupee            61.82          61.91       +0.15
  Ringgit         3.2760         3.2945       +0.56
  Yuan            6.0539         6.0618       +0.13
 
  Change so far in 2013
  Currency    Latest bid  End prev year    Pct Move
  Japan yen       104.99          86.79      -17.33
  Sing dlr        1.2639         1.2219       -3.32
  Taiwan dlr      29.918         29.136       -2.61
  Korean won     1055.25        1070.60       +1.45
  Baht             32.87          30.61       -6.88
  Peso             44.40          41.05       -7.53
  Rupiah        12170.00        9630.00      -20.87
  Rupee            61.82          54.99      -11.05
  Ringgit         3.2760         3.0580       -6.65
  Yuan            6.0539         6.2303       +2.91
 * Financial markets in Japan, the Philippines, South Korea and
Thailand were closed for a holiday.

 (Reporting by Jongwoo Cheon; Editing by Subhranshu Sahu)

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