The Indonesian rupiah and the Philippine peso led gains in Asia this week as a cut in US interest rates eased concern the global economy will slow, boosting demand for riskier assets.
All 17 currencies from the region's largest economies climbed against the US dollar on Friday after the US Federal Reserve surprised markets with a bigger-than-expected half-percentage-point reduction in its benchmark on Tuesday. Key stock indexes in Southeast Asia advanced on speculation the Fed's decision will boost the region's exports and corporate earnings and give Asian central banks more leeway to lower borrowing costs.
The rupiah rose 2.3 percent this week, the biggest gain since July last year, to trade at 9,168 against the US dollar. The Philippine peso climbed 2.1 percent over the same period, the most in nine weeks, to 45.30. South Korea's won gained 0.8 percent to 921.10.
In Taipei the New Taiwan dollar strengthened for a third day on Friday, gaining 0.3 percent to NT$32.953 against the US currency, Taipei Forex Inc said. It rose 0.4 percent for the week.
Exporters and overseas investors bought the Taiwanese currency after Friday's rate increase, said Gary Huang, a currency trader at Union Bank of Taiwan (
The Malaysian ringgit gained 1.1 percent this week to 3.445 against the US currency. The Singapore dollar touched S$1.5006 on Friday, the strongest since 1997.
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