Sun, Jun 08, 2014 - Page 15 News List

Baht leads peers in gains, rupiah tops losses

Agencies

Indonesia’s current account gap may almost double this quarter from the previous period, Bank Indonesia Governor Agus Martowardojo said on Thursday from Jakarta.

“Our view is for more rupiah weakness against the [US] dollar,” said Mika Martumpal, treasury research and strategy head at PT Bank CIMB Niaga.

Elsewhere in Asia, Malaysia’s ringgit ended steady at 3.2122, India’s rupee slipped 0.1 percent this week to 59.1825 per US dollar, the yuan fell 0.1 percent to 6.250, the dong dropped 0.1 percent to 21,185 and in South Korea, the won was little changed at 1,020.41, with financial markets in the country closed on Friday for a public holiday.

Meanwhile, the euro jumped the most in three months against the greenback in one of the week’s sessions over the ECB rate changes.

The US currency gained against a basket of peers as an employment report matched forecasts, bolstering speculation that the US Federal Reserve will keep reducing stimulus.

The euro fell 0.5 percent versus the dollar on Thursday — the most since March 6 — and finished the week little changed at US$1.3643 in New York. The yen fell 0.7 percent this week to ¥102.48 per US dollar to post its biggest loss since the five days ended on April 18, while falling 0.8 percent to ¥139.80 per euro.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major counterparts, rose 0.2 percent to 1,012.80 this week.

As the threat of deflation prompted the ECB to expand stimulus, the growing British economy spurred bets that the Bank of England will hasten plans to raise rates.

The Bank of England’s Monetary Policy Committee in London left the benchmark interest rate at 0.5 percent on Thursday, while keeping asset purchases under the quantitative easing program at £375 billion (US$630.2 billion).

The pound rose 0.2 percent this week to £0.8121 per euro and gained 0.2 percent to US$1.6793.

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