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Won and ringgit post weekly advance as baht slumps

Asian currencies posted a weekly gain, led by the South Korean won, on signs the government wants the exchange rate to strengthen after record oil prices pushed inflation to the fastest in seven years.

The won completed the best week this month after South Korean President Lee Myung-bak said the government would focus on stabilizing inflation. The won was the best performer this week of the 10 most-active currencies in Asia outside Japan after traders said the central bank bought the currency to stem a three-month slide.

The ringgit snapped a three-week losing streak as crude oil dipped on Friday to the lowest in a week.

The won rose 1.3 percent this week to 1,028 per US dollar in Seoul, according to Seoul Money Brokerage Services Ltd. The ringgit gained 0.5 percent from a week earlier to 3.2595 and the Singapore dollar climbed 1 percent over the past five days to S$1.3660.

Indonesia’s rupiah rose 0.6 percent this week to 9,259 per dollar in Jakarta, the most since the five-days ended April 11, on optimism the central bank’s interest-rate increase will help cool inflation and restore investor confidence.

Elsewhere, the New Taiwan dollar climbed 0.2 percent to NT$30.382 this week and the Philippine peso gained 0.1 percent to 44.36 to halt a nine-week slide.
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