Asian currencies, led by South Korea's won, declined this week as overseas investors increased sales of local shares following the biggest loss in US stocks in almost three weeks.
The won slumped 5.5 percent this quarter, the most since the period ended December 2000, on concern that record oil prices will slow the nation’s economic growth. The MSCI Asia-Pacific index of equities fell, with the benchmark heading for its worst first half since 1992. Thailand’s baht dropped for a fifth week.
The won fell 1.3 percent this week to 1,041.80 against the dollar in Seoul, according to Seoul Money Brokerage Services Ltd. The currency has declined 11.3 percent this year, the second-worst performance among the 10 most-active currencies in Asia outside Japan.
The New Taiwan dollar was little changed at NT$30.388 to the US currency.
Elsewhere, the Thai baht lost 0.7 percent to 33.58 per dollar this week, Vietnam’s dong fell 1.4 percent to 16,843 and the Singapore dollar added 0.1 percent this week to S$1.3632.
Malaysia’s ringgit fell on concern that crude oil prices will spur inflation, slow growth and prompt investors to sell assets in the region. The ringgit traded at 3.2625 per dollar on Friday, versus 3.2560 a week ago, according to data compiled by Bloomberg.
The Philippine peso posted a weekly loss, dropping to the lowest level in almost nine months, after crude oil rallied to an all-time high this week. The commodity’s prices in New York have more than doubled in the past year.
The currency fell 1 percent this week to 44.79 a dollar, according to data compiled by Bloomberg, from 44.35 at the end of last week, according to the Bankers Association of the Philippines. The peso may drop to around 46 next quarter, Manila-based Algarra said.
Indonesia’s rupiah gained this week on speculation the central bank will raise interest rates on Thursday, increasing the extra yield offered by the nation’s assets.
The currency rose as high as 9,193, the strongest level since May 1, before trading at 9,215 against the dollar on Friday, compared with 9,260 last week, according to data compiled by Bloomberg.
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
POSSIBILITIES EMERGE: With Taiwan’s victory and Japan’s narrow win over Australia, Taiwan now have a chance to advance if South Korea also beat the Aussies Taiwan has high hopes that the national baseball team would advance to the World Baseball Classic (WBC) quarter-finals after clinching a crucial 5-4 victory over South Korea in a nail-biting extra-inning game at the Tokyo Dome yesterday. Boosted by three home runs — two solo shots by Yu Chang (張育成) and Cheng Tsung-che (鄭宗哲) and a two-run homer by Stuart Fairchild — the triumph gave Taiwan a much-needed second victory in the five-team Pool C, where only the top two finishers would advance to the knockout stage in Miami, Florida. Entering extra innings with the game tied at four apiece, Taiwan scored
MISSION OF PEACE: The foreign minister urged Beijing to respect Taiwan’s existence as an independent nation, and work together to ensure peace and stability in the region Minister of Foreign Affairs Lin Chia-lung (林佳龍) yesterday rejected Chinese Minister of Foreign Affairs Wang Yi’s (王毅) comments about Taiwan, criticizing China as a “troublemaker” in the international community and a disruptor of cross-strait peace. Speaking at a news conference on the sidelines of the Chinese National People’s Congress, Wang said that Taiwan has always been a territory of China and that it would be impossible for it to become its own country. The “return” of Taiwan to China was the natural outcome of the Chinese people’s resistance against Japan in World War II, and that any pursuit of independence was “doomed
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
RSS