Barefoot Investor: Asian Currencies Strengthen

Asian currencies strengthened,after a jobless claim report in US fell to the lowest level.

The rupee jumped 1.7 percent to 52.7450 per dollar in Mumbai, the biggest gain since May 2010. As for the Philippine peso rose 0.7 percent to 43.830,China’s yuan also climbed by 0.4 percent to 6.3484 which mean it was up 0.3 percent for the week. The South Korean won strengthened 0.4 percent to 1,158.73, trimming its weekly drop to 1 percent.

Meanwhile, indonesia rupiah gained 0.6 percent to 9,035 and was up 0.5 percent for the week. As for the China yuan, it has strengthened the most in two months as signs credit curbs are easing bolstered optimism policy makers will avoid a sharp slowdown in the world’s second-largest economy.

Malaysia’s ringgit advanced 0.4 percent yesterday to 3.1778 per dollar and was down 0.8 percent for the week, and Taiwan’s dollar was little changed at NT$30.369 and dropped 0.4 percent this week whereas, Thailand’s baht was up 0.1 percent at 31.34 which mean a declined of 1.3 percent for the week. (Bloomberg)

2 comments

Structuredsettlement said... @ February 4, 2012 at 1:24 PM

Asian currencies rose for a fourth week, spurred by demand for higher-yielding assets after the Federal Reserve pledged to keep interest rates near zero through late 2014.sell structured settlement

Structuredsettlement said... @ February 6, 2012 at 6:47 PM

Asian currencies had a third weekly gain, led by India’s rupee and South Korea’s won, as signs of a global economic recovery and falling European borrowing costs boosted demand for emerging-market assets.structured settlement cash

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