The US dollar fell for the first time in three weeks against the euro as calls for a “strong” US currency failed to reassure investors concerned the government and Federal Reserve will accept declines in the greenback.
Traders shifted funds to the Australian dollar, making it the best performer this week among 16 major currencies.
The US dollar fell 1.1 percent to US$1.4732 per euro on Friday in New York, from US$1.4576 last Friday, in the first weekly decline since its 1 percent slide in the five days ended Sept. 18. The US currency was little changed at ¥89.78, compared with ¥89.81, before the Bank of Japan’s meeting next week. The euro climbed 1 percent to ¥132.25.
The Australian dollar rose 4.4 percent to US$0.9036 in the biggest weekly gain since May after the Reserve Bank unexpectedly raised the overnight cash target by a quarter-percentage point to 3.25 percent on Tuesday.
Sterling was the only loser versus the dollar this week among the 16 most-traded currencies. It fell 0.7 percent to US$1.5842 in a fourth weekly drop on speculation the economy remains too weak for the Bank of England to consider raising borrowing costs and stop asset purchases.
India’s rupee led weekly gains in Asian currencies as signs the region is recovering from a global recession attracted investment, overwhelming attempts by central banks to stem appreciation.
The New Taiwan dollar fell for a second day on Friday to NT$32.24 against its US counterpart, according to Taipei Forex Inc. The NT dollar reached NT$31.995 last Thursday, the strongest level since the same date last year.
The NT dollar has gained 1.6 percent in the past month against the greenback as overseas funds bought US$3.4 billion more Taiwanese shares than they sold.
The rupee jumped 2.7 percent this week to 46.475, according to data compiled by Bloomberg. Malaysia’s ringgit rose 2.4 percent to 3.3981, Indonesia’s rupiah climbed 2 percent to 9,455 and South Korea’s won rose 0.9 percent to 1,164.38.
The Philippine peso climbed 1.4 percent this week to 46.46. The Singapore dollar climbed 1.7 percent to close at a 14-month high of S$1.3928.
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