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India

Anushka Trivedi

BOC Aviation cancels 30 Boeing 737 MAX but backs grounded jet

30 Jun 2020

Aircraft leasing company BOC Aviation said on Tuesday it had cancelled an order for 30 Boeing 737 MAX planes although its chief executive remained confident in the jet which has been grounded for more than a year.

Australian mall giant Vicinity to raise $932 million in virus cash dash

01 Jun 2020

SYDNEY/BENGALURU Australian No. 2 shopping mall manager Vicinity Centres cancelled its dividend on Monday and said it planned to raise A$1.4 billion ($932 million), underscoring pressure on the retail sector from the new coronavirus outbreak.

UPDATE 2-Hong Kong lines up launch of MSCI derivatives amid doubts on city's future

27 May 2020

May 27 Hong Kong's exchange is launching derivatives products with U.S.-based index publisher MSCI that the Singapore bourse is relinquishing, in a deal it said underpinned the territory's draw amid concerns from a new security law planned by China.

EM ASIA FX-Most Asian currencies stuck in tight range, Philippine peso drops

15 May 2020

* Chinese yuan on track to post biggest weekly loss in a month * Typhoon Vongfong moves toward the Philippine island of Luzon * HSBC cuts global economic growth forecast (Adds text, updates prices) By Anushka Trivedi May 15 Most Asian currencies traded in a tight range on Friday, as data showing China's economy is gradually recovering from the coronavirus shock countered worries over worsening Sino-U.S. relations. Market participants are increasingly worried about tensions between the world's two top economies as U.S. President Donald Trump blames China for the novel coronavirus that has killed more than 85,000 Americans. Trump said he had no interest in speaking to his Chinese counterpart Xi Jinping right now and suggested he could even cut ties with the world's second-largest economy. Meanwhile, China's industrial output expanded for the first time this year as the economy slowly emerged from coronavirus lockdowns. It rose 3.9% last month from a year earlier, far exceeding expectations, but retail sales and services activity continued to contract. The Chinese yuan slipped 0.1% and was on its way to its biggest weekly drop in a month. The trade-reliant Singapore dollar and the South Korean won, both highly sensitive to China's economic fortunes, shed up to 0.2% each. The won has particularly come under pressure due to a spike in new virus cases after restrictions were relaxed, and was set to post a weekly drop of 0.8%. Investors are closely watching China for clues on how long demand will take to bounce back as other countries start relaxing lockdown measures. However, analysts are less optimistic about a rapid demand recovery. Mizuho Bank's Riki Ogawa wrote the "fact is, even as economies prepare to emerge from varying degrees of lockdowns, restoration of 'normalcy' is a much longer road." "Threats of second wave of infections across Asia serve as a sobering warning against complacency about normalcy, just as complacency about the U.S.-China Phase 1 deal leading to normalcy in global trade has backfired." HSBC slashed an already bleak global and emerging market growth forecast further, as lockdown restrictions extended through April and tentative economic re-openings drag on a return to business, trade and spending. The Philippine peso weakened 0.5% to see its worst session in two weeks as several media outlets reported https://www.nytimes.com/2020/05/15/world/asia/typhoon-vongfong-philippines-luzon.html a severe Typhoon Vongfong was moving toward the main island of Luzon, forcing people to flee to evacuation centres. The Indonesian rupiah firmed slightly after declining 0.3% earlier in the session. It was set to post a weekly gain of 0.4%. Data showed Indonesia logged a trade deficit in April after two straight months of surpluses as exports and imports continued to shrink due to disruption caused by the virus crisis. The following table shows rates for Asian currencies against the dollar at 0600 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 107.230 107.24 +0.01 Sing dlr 1.424 1.4232 -0.08 Taiwan dlr 29.903 29.948 +0.15 Korean won 1230.100 1228 -0.17 Baht 32.060 32.11 +0.16 Peso 50.735 50.48 -0.50 Rupiah 14825.000 14840 +0.10 Rupee 75.525 75.56 +0.05 Ringgit 4.343 4.338 -0.12 Yuan 7.102 7.0940 -0.11 Change so far in 2020 Currency Latest bid End 2019 Pct Move Japan yen 107.230 108.61 +1.29 Sing dlr 1.424 1.3444 -5.62 Taiwan dlr 29.903 30.106 +0.68 Korean won 1230.100 1156.40 -5.99 Baht 32.060 29.91 -6.71 Peso 50.735 50.65 -0.17 Rupiah 14825.000 13880 -6.37 Rupee 75.525 71.38 -5.49 Ringgit 4.343 4.0890 -5.85 Yuan 7.102 6.9632 -1.95 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

EM ASIA FX-Most Asian currencies drop after Fed chairman's grim economic outlook

14 May 2020

* Path ahead is uncertain - Fed Chairman Powell * Virus may never go away - WHO official * Chinese yuan hits 1-week low * Bearish positions on the yuan rise - Reuters poll (Adds text, updates prices) By Anushka Trivedi May 14 Most Asian currencies eased on Thursday, after U.S. Federal Reserve Chair Jerome Powell's gloomy economic assessment led investors to offload risky assets and rush to the safety of the dollar. On Wednesday, Powell warned of an "extended period" of weak economic growth which would be "subject to significant downside risks" as he talked down the prospect of negative interest rates in the United States. Investors sought safe-assets after his comments, sparking a rally in the greenback, while U.S. Treasury 10-year yields dropped. "His views have muddied the waters sufficiently that the buyers have stood aside and sellers have pushed prices lower," said Chris Weston, head of research at Melbourne-based brokerage Pepperstone. To make matters worse, a top World Health Organization official said the coronavirus that causes the COVID-19 disease may never go away and become endemic like HIV. This week, markets were already reeling with the prospect that a second wave of coronavirus infections would further put off a global economic recovery after China and South Korea reported a spike in new cases. The Indonesian rupiah and the South Korean won weakened 0.3% each, while the Chinese yuan gave up 0.1% to hit a one-week low. Meanwhile, Bank Indonesia is set to fund part of the government's 150 trillion rupiah ($10.1 billion) economic recovery programme via more bond buying, officials said on Wednesday. The Philippine peso, which is among the better performing Asian currencies this year, shed 0.2%. A Reuters poll showed bullish bets on the peso rose for the first time since early March as restrictions were lifted and extended into June only in some of its cities. Maybank analysts said that the search for yield may also support some bond market inflows in the near term for the Philippines. CHINESE YUAN Bearish positions on the yuan rose from a fortnight ago, a Reuters poll found, as investors fretted about a flaring up of trade tensions with the United States. As China tries to regain footing amid a pandemic-fuelled slump in demand for its products, it is now grappling to hold onto the Phase 1 trade deal inked with the United States in January, as President Donald Trump steps up complaints about Beijing's handling of the pandemic. "We see risk of further bilateral disputes ahead, especially as the coronavirus pandemic and low energy prices may make it more difficult for China to meet the trade deal's $200 billion purchase agreement," Goldman Sachs analysts wrote. They added that the tensions would increasingly come into focus as we head towards U.S. elections in November and that has potential for an abrupt shift in near-term valuations. The following table shows rates for Asian currencies against the dollar at 0513 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 106.850 107.02 +0.16 Sing dlr 1.421 1.4198 -0.11 Taiwan dlr 29.895 29.906 +0.04 Korean won 1227.900 1223.8 -0.33 Baht 32.090 32.05 -0.12 Peso 50.388 50.3 -0.17 Rupiah 14900.000 14850 -0.34 Rupee 75.460 75.47 +0.01 Ringgit 4.331 4.328 -0.07 Yuan 7.096 7.0910 -0.07 Change so far in 2020 Currency Latest bid End 2019 Pct Move Japan yen 106.850 108.61 +1.65 Sing dlr 1.421 1.3444 -5.41 Taiwan dlr 29.895 30.106 +0.71 Korean won 1227.900 1156.40 -5.82 Baht 32.090 29.91 -6.79 Peso 50.388 50.65 +0.52 Rupiah 14900.000 13880 -6.85 Rupee 75.460 71.38 -5.41 Ringgit 4.331 4.0890 -5.59 Yuan 7.096 6.9632 -1.88 ($1 = 14,900.0000 rupiah) (Reporting by Anushka Trivedi in Bengaluru; Editing by Jacqueline Wong)

EM ASIA FX-Most subdued ahead of US Fed chairman's speech

13 May 2020

* Philippines economy to shrink more than expected this year * India unveils $265 billion stimulus package * Malaysia Q1 GDP unexpectedly expands (Adds text, updates prices) By Anushka Trivedi May 13 Most Asian currencies were subdued on Wednesday ahead of a speech by U.S. Federal Reserve Chairman Jerome Powell, while investors worried that a rebound in global coronavirus infections would delay economic recovery. Financial markets gave up recent gains after the top U.S. infectious disease expert warned overnight that a premature lifting of restrictions could lead to additional outbreaks of the novel coronavirus. A growing number of cases this week in countries, including Germany, China and South Korea, that had reported early success in containing the virus and had moved to relax some curbs also weighed on investors' minds. Consequently, South Korea's currency has declined about 0.5% over three sessions. "Second wave risk remains real and this could see policymakers adopt more cautious steps ahead in opening up their respective economies," Maybank analysts wrote in a note. Dismal commentary from the Philippine and Malaysian central banks on their respective economic growth prospects also hit sentiment. The peso and the ringgit dropped 0.1% and 0.2%, respectively. Philippines, which was among Asia's fastest-growing economies before the pandemic, is now on the edge of a recession as its central bank predicted a deeper-than-expected economic contraction for this year due to a lack of demand and investments. Malaysia, despite recording surprise jump in first-quarter GDP, signalled a contraction in economic growth for three-months ended June. Markets now await Powell's speech amid rising speculation that the United States could one day adopt negative interest rates after money market instruments started pricing in the odds last week and President Donald Trump pushed the Fed to make the move. The Singapore dollar and the Indonesian rupiah traded little changed. The Indian rupee firmed 0.2% after the government announced a 20-trillion-rupee ($265.25 billion) stimulus package, 10% of the country's GDP, to support the economy bruised by a strict weeks-long coronavirus lockdown. Further details will be given by Finance Minister Nirmala Sitharaman later on Wednesday. However, analysts sounded a note of caution. "Significantly higher borrowings to finance an ambitious fiscal stimulus will necessarily place stress on markets," said Hayaki Narita, Asia & Oceania Treasury Department, Mizuho Bank. "The headline allure of the fiscal stimulus may unintentionally overstate the realizable economic benefits", he added. The following table shows rates for Asian currencies against the dollar at 0603 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest Previous Pct bid day Move Japan yen 107.110 107.13 +0.02 Sing dlr 1.418 1.4175 -0.03 Taiwan dlr 29.885 29.920 +0.12 Korean won 1225.800 1224.8 -0.08 Baht 32.070 32.1 +0.09 Peso 50.253 50.21 -0.09 Rupiah 14875.00 14880 +0.03 0 Rupee 75.370 75.50 +0.17 Ringgit 4.333 4.325 -0.18 Yuan 7.089 7.0835 -0.08 Change so far in 2020 Currency Latest End 2019 Pct bid Move Japan yen 107.110 108.61 +1.40 Sing dlr 1.418 1.3444 -5.18 Taiwan dlr 29.885 30.106 +0.74 Korean won 1225.800 1156.40 -5.66 Baht 32.070 29.91 -6.74 Peso 50.253 50.65 +0.79 Rupiah 14875.00 13880 -6.69 0 Rupee 75.370 71.38 -5.29 Ringgit 4.333 4.0890 -5.63 Yuan 7.089 6.9632 -1.78 ($1 = 75.4000 Indian rupees) (Reporting by Anushka Trivedi in Bengaluru; Editing by Anil D'Silva)

EM ASIA FX-Most Asian units weaken as fears of second coronavirus wave deepen

12 May 2020

* Bank Indonesia to cut interest rates twice this year - ANZ analysts * Malaysian ringgit hits two-week low * BNP Paribas analyst say travel bans to hurt Thai economy (Adds text, updates prices) By Anushka Trivedi May 12 Most Asian currencies slipped against a firmer dollar on Tuesday, with the Indonesian rupiah dropping the most, as fears about a second wave of coronavirus infections sapped investor confidence. The Chinese city where the virus originated reported five new cases on Monday after a stringent lockdown was lifted a month ago, while easing restrictions in South Korea and Germany were met by jumps in new infections. China and South Korea's early success in curbing the virus' spread had brought a semblance of stability to Asian markets over the past few weeks, however, that is now threatened as "the strong recovery for these regions will similarly be at risk if a second wave does strike," IG market strategist Jingyi Pan said. The rupiah dropped 0.6% as analysts at ANZ Research lowered full-year growth forecasts for Indonesia after economic growth there slowed to its weakest pace since 2001 in the first quarter. Worries over a looming coronavirus-induced recession have weighed on the rupiah this year, making it the worst performing currency in Asia. ANZ predicted that Bank Indonesia will deliver two more interest rate cuts this year, in May and June, to support the economy. Other regional currencies were pressured by a stronger dollar, which was supported by safe-haven demand. The South Korean won weakened 0.5%, marking its worst day in over a week, while the Malaysian ringgit dipped 0.1% to a two-week low. Malaysia reported its sharpest decline in monthly industrial production index in nearly a decade in the month of March, government data showed, as virus-related curbs severely disrupted activity. The Thai baht was among the few gainers for the day as it advanced 0.2%. A Thai capital market association said late on Monday investor confidence for three-months to July rose for the first time this year on optimism about government measures to cushion the fallout of the pandemic. However, BNP Paribas analysts in a note warned that Thailand's economic growth will suffer deeply this year due to global travel bans, as it owes much of its current account surplus to tourism. The yuan firmed 0.1% against the dollar. "With China ... expectations for further policy support with the upcoming National People's Congress (NPC) meeting may help to shore up prices in the near-term," Pan said. The NPC is will hold a key annual session on May 22. The following table shows rates for Asian currencies against the dollar at 0530 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 107.410 107.66 +0.23 Sing dlr 1.418 1.4168 -0.06 Taiwan dlr 29.900 29.861 -0.13 Korean won 1226.100 1220.5 -0.46 Baht 32.120 32.19 +0.22 Peso 50.275 50.35 +0.15 Rupiah 14940.000 14850 -0.60 Rupee 75.853 75.74 -0.15 Ringgit 4.334 4.331 -0.07 Yuan 7.093 7.0988 +0.09 Change so far in 2020 Currency Latest bid End 2019 Pct Move Japan yen 107.410 108.61 +1.12 Sing dlr 1.418 1.3444 -5.16 Taiwan dlr 29.900 30.106 +0.69 Korean won 1226.100 1156.40 -5.68 Baht 32.120 29.91 -6.88 Peso 50.275 50.65 +0.75 Rupiah 14940.000 13880 -7.10 Rupee 75.853 71.38 -5.90 Ringgit 4.334 4.0890 -5.65 Yuan 7.093 6.9632 -1.83 (Reporting by Anushka Trivedi in Bengaluru; Editing by Aditya Soni)

EM ASIA FX-Most currencies gain as more countries ease lockdown measures

11 May 2020

* Taiwan dollar leads gains * INR drops after govt ramps up borrowing * China cenbank cuts April short-term loan rates * S. Korea reports jump in new virus cases * Malaysia market closed for public holiday (Adds text, updates prices) By Anushka Trivedi May 11 Most emerging Asian currencies firmed on Monday, with the Taiwan dollar leading the pack, as more countries moved towards easing coronavirus-related restrictions even though the threat of a new wave of infections loomed. South Korea, which was lauded for its quick action on the pandemic, reported 69 cases over the weekend, most linked to an outbreak at a number of Seoul nightclubs and bars which authorities fear could turn into another major cluster of infections. The won, however, shrugged off the news and firmed as much as 0.5% to a four-week high, in tandem with its peers. "With lockdowns being eased across Europe and Australasia, as well as the U.S., and the rate of people dying falling in many countries, markets will likely ignore the threat of COVID-19 part two, staying with the momentum of the peak-virus trade," wrote Jeffery Halley, senior market analyst, Asia Pacific at OANDA. Countries wrecked by the virus such as Spain and England announced preparations for a phased easing of lockdown measures as death tolls declined. Some Asia-Pacific nations, which have relatively smaller number of cases than European countries, took similar steps as well. Despite a stronger greenback, regional currencies like the Taiwan dollar advanced 0.3%, while the Philippine peso and the Thai baht gained 0.2% each. Also boosting investor sentiment were the Chinese central bank's lowering of short-term loan interest rates for April and promise on Sunday to unleash measures to support the economy. However, the yuan eased 0.1% against the dollar. Meanwhile, Wuhan, the epicentre of the new coronavirus outbreak in China, reported its first cluster of infections since the lockdown was lifted a month ago. The Indonesian rupiah swung between positive and negative territories before trading little changed. Southeast Asia's biggest economy is considering plans for a phased resumption of businesses as early as June 1 but the reopening proposals came amid mounting criticism for being slow to respond to the outbreak. The Malaysian ringgit did not trade on account of a public holiday. INDIAN RUPEE The Indian rupee weakened 0.2% after the government said late on Friday that it would sharply increase market borrowing in the fiscal year to March 2021 to cushion the blow from the pandemic. Goldman Sachs analysts predict the government might have already missed its budgeted fiscal deficit target in 2020 and may see a steeper rise in bond supply next year. "We expect supply-demand dynamics to be unfavourable in 2021, unless the central bank decides to play a larger role," they said. India has been in a lockdown for eight weeks, causing massive losses to an already-ailing economy and prompting Moody's to forecast 0% growth for this year. Markets now await a second stimulus package from the government. The following table shows rates for Asian currencies against the dollar at 0530 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 106.930 106.65 -0.26 Sing dlr 1.413 1.4125 +0.00 Taiwan dlr 29.825 29.902 +0.26 Korean won 1218.800 1219.9 +0.09 Baht 32.170 32.24 +0.22 Peso 50.310 50.39 +0.16 Rupiah 14890.000 14890 +0.00 Rupee 75.700 75.54 -0.21 Yuan 7.083 7.0749 -0.11 Change so far in 2020 Currency Latest bid End 2019 Pct Move Japan yen 106.930 108.61 +1.57 Sing dlr 1.413 1.3444 -4.82 Taiwan dlr 29.825 30.106 +0.94 Korean won 1218.800 1156.40 -5.12 Baht 32.170 29.91 -7.03 Peso 50.310 50.65 +0.68 Rupiah 14890.000 13880 -6.78 Rupee 75.700 71.38 -5.71 Yuan 7.083 6.9632 -1.69 ($1 = 75.6400 Indian rupees) (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

EM ASIA FX-Currencies ease on lockdown extensions, coronavirus drug report

24 Apr 2020

* Chinese yuan set for second weekly loss * Malaysia, Philippines extend lockdowns * Ringgit will remain Asian underperformer - ING * Taiwan dollar on track for third weekly gain (Adds text, updates prices) By Anushka Trivedi April 24 Asian currencies slipped on Friday as risk appetite was weakened by lockdown extensions in parts of the region to curb the spread of the novel coronavirus, and a report that the latest COVID-19 experimental drug flopped in a clinical trial. Horrid business activity data from the United States and the euro zone also added to the gloom as it reminded investors of the economic damage inflicted by the pandemic. The safe-haven U.S. dollar firmed against rivals, while the benchmark Treasury yields dropped. Meanwhile, Malaysia and the Philippines joined Indonesia and Singapore in widening their existing restriction orders until at least mid-May as the coronavirus infection rate showed no signs of abating. Leading losses in the region, the relatively more risk-sensitive Indonesian rupiah weakened 0.7%. The Malaysian ringgit and the Philippine peso dropped 0.1% and 0.3% respectively, while local stock markets also fell. Morgan Stanley analysts painted a grim outlook for Asian economies going under extended lockdowns as these measures will exert severe growth pressure in the second quarter. Beyond this, "the continuation of steady-state soft social distancing until a vaccine is found is likely to cap the pace of recovery in the second half," they said. In another blow to investor sentiment, a report said Gilead Sciences Inc's experimental antiviral drug flopped, but the drugmaker said the findings were inconclusive because the study was terminated early. The weakness in Asian currencies "could largely be attributed to market players' preference to square positions ahead of the weekend in this climate of uncertainty," Maybank analysts wrote. The South Korean won and the Thai baht gave up about 0.5% each, while the Singapore dollar fell 0.2% even after an unexpected surge in the city-state's March industrial output. The Chinese yuan declined 0.3% against the greenback and was set for a second straight weekly loss. The Taiwan dollar traded little changed but was on track to post a third straight weekly gain, demonstrating its recent resilience to the downturn. MALAYSIAN RINGGIT The ringgit, whacked by the recent plunge in crude prices as the country is a net oil exporter, has lost about 1.3% over the past two weeks. Late on Thursday, Malaysia said it would extend travel and other curbs until May 14 but might consider allowing some sectors to resume operations. The extension of partial lockdown adds downside risk to quarterly GDP contraction estimates, and with March inflation turning negative, the central bank will likely ease rates by at least 50 basis point at its meeting on May 5, ING economists said in a note. "The MYR should remain an Asian underperformer with the added drag from weak global oil prices," they added. The following table shows rates for Asian currencies against the dollar at 0601 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 107.630 107.58 -0.05 Sing dlr 1.427 1.4242 -0.21 Taiwan dlr 30.062 30.072 +0.03 Korean won 1236.300 1229.7 -0.53 Baht 32.440 32.3 -0.43 Peso 50.790 50.64 -0.30 Rupiah 15450.000 15350 -0.65 Rupee 76.400 76.07 -0.43 Ringgit 4.360 4.355 -0.11 Yuan 7.086 7.0672 -0.26 Change so far in 2020 Currency Latest bid End 2019 Pct Move Japan yen 107.630 108.61 +0.91 Sing dlr 1.427 1.3444 -5.80 Taiwan dlr 30.062 30.106 +0.15 Korean won 1236.300 1156.40 -6.46 Baht 32.440 29.91 -7.80 Peso 50.790 50.65 -0.28 Rupiah 15450.000 13880 -10.16 Rupee 76.400 71.38 -6.57 Ringgit 4.360 4.0890 -6.22 Yuan 7.086 6.9632 -1.73 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

EM ASIA FX-Most Asian currencies tepid amid oil demand worries; rupiah drops

23 Apr 2020

* S.Korea posts steepest economic contraction since 2008 in Q1 * Investors cautious ahead of euro zone, U.S. PMI data - analyst * INR sees best day in more than 2 weeks, up 0.7% (Adds text, updates prices) By Anushka Trivedi April 23 Most Asian currencies were tepid on Thursday amid concerns over feeble oil demand and expectations of dire manufacturing and services survey data out of the United States and euro zone, while the Indonesian rupiah slid as much as 1%. The rupiah fell for a second straight session as the central bank made its first direct government bond purchase this week to limit the recent rise in bond yields after several bouts of heavy selling by foreign investors. The currency is particularly hard-hit due to its yield differential factor versus the dollar, said Jingyi Pan, a Singapore-based analyst at IG. In the broader Asian forex market, investors kept to the sidelines ahead of the release of April PMI readings for the United States and euro zone. The data is expected to be overwhelmingly negative and lay bare the destruction caused by the coronavirus pandemic. "Although crude prices had recovered slightly on Wednesday, it is perhaps nowhere near being out of the woods given the unchanged demand picture," Pan said. However, the promise of more U.S. government aid to cushion the coronavirus-ravaged economy seemed to support sentiment marginally, with global equities getting a lift. The South Korean won was little changed after the country reported its steepest economic contraction since 2008 in the first quarter as self-isolation measures hit consumption and global trade slumped. The Chinese yuan and the Philippine peso were flat, while the Singapore dollar put on 0.2%. The Indian rupee defied trends as it gained 0.7% to see its best day in more than two weeks. The near-term outlook for the currency brightened after Facebook said on Wednesday it would spend $5.7 billion to buy a stake in Reliance Industries' digital arm. The stake buy "raised hopes that the foreign direct investment picture in 2021 will not be as bleak as earlier thought," said Abhishek Goenka, founder and CEO, IFA Global. TAIWAN DOLLAR The Taiwan dollar firmed 0.1% against the dollar, continuing its stellar run as the once-battered currency recouped all its losses made earlier this year. Analysts said the currency had gained steadily over the past few weeks as Taiwan's handling of the coronavirus outbreak minimised economic disruption and arrested a surge in infections, instilling confidence among investors. "Taiwan had notably also seen a jump in electronics exports, which had been getting a lift with changes in consumer behaviour around COVID-19 globally," IG's Pan said. "This is expected to bode well for growth and thus feed the demand for the Taiwanese dollar." Earlier this week, the island reported a surprise surge in March export orders, helped by a boom in telecommuting amid the virus outbreak. The following table shows rates for Asian currencies against the dollar at 0529 GMT. CURRENCIES VS U.S. DOLLAR Currency Latest bid Previous day Pct Move Japan yen 107.750 107.72 -0.03 Sing dlr 1.424 1.4268 +0.22 Taiwan dlr 30.085 30.100 +0.05 Korean won 1231.700 1232.2 +0.04 Baht 32.310 32.34 +0.09 Peso 50.640 50.65 +0.02 Rupiah 15455.000 15400 -0.36 Rupee 76.130 76.67 +0.71 Ringgit 4.352 4.3605 +0.20 Yuan 7.083 7.0833 +0.00 Change so far in 2020 Currency Latest bid End 2019 Pct Move Japan yen 107.750 108.61 +0.80 Sing dlr 1.424 1.3444 -5.56 Taiwan dlr 30.085 30.106 +0.07 Korean won 1231.700 1156.40 -6.11 Baht 32.310 29.91 -7.43 Peso 50.640 50.65 +0.02 Rupiah 15455.000 13880 -10.19 Rupee 76.130 71.38 -6.24 Ringgit 4.352 4.0890 -6.04 Yuan 7.083 6.9632 -1.69 (Reporting by Anushka Trivedi in Bengaluru; Editing by Subhranshu Sahu)

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