Sun, Jan 05, 2014 - Page 15 News List

Peso, rupee lead Asian currencies in weekly decline

Bloomberg and staff Writer, with CNA

The yen snapped nine weeks of losses as Japanese Prime Minister Shinzo Abe said on Wednesday that the nation was halfway to escaping deflation.

The euro dropped 1.2 percent to US$1.3589 this week in New York after reaching US$1.3893 on Dec. 27, its strongest level since October 2011. The greenback fell 0.3 percent to ¥104.86 after rising to ¥105.44 on Thursday, the weakest level since October 2008. Japan’s currency climbed 0.6 percent to ¥142.48 per euro.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, rose 0.3 percent to 1,026.23 for its third weekly rally.

Sterling had its first weekly decline in three weeks versus the US currency as a survey of purchasing managers on Thursday showed that manufacturing fell unexpectedly and data the next day showed construction output cooled last month.

However, the pound advanced for a third week against the euro as expansion in the property market boosted optimism the UKs economic recovery is strengthening.

The British currency strengthened 0.6 percent this week to £0.8286 per euro and declined 0.4 percent to US$1.6422 after reaching US$1.6603 the day before.

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