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.
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