The Philippine peso rose to the highest close in 10 weeks against the US dollar on speculation the central bank prefers a strengthening currency.
The peso was the best performing of the 10 most active Asian currencies on Friday, advancing for a second day since central bank Governor Amando Tetangco said the "continued strength of the peso provides a buffer against rising commodity prices."
"The central bank implied that the peso will remain strong as it helps contain inflationary pressures from oil and other commodities," said Marcelo Ayes, senior vice president for treasury at Rizal Commercial Banking Corp in Manila.
The peso advanced 0.5 percent to 44.74 at the 4pm close in Manila, the highest since July 24, according to Tullett Prebon Plc, the world's second-largest inter-dealer broker.
Philippine inflation last month quickened to 2.7 percent, the fastest pace in eight months, a report showed on Friday. The median estimate of 13 economists surveyed by Bloomberg News was 2.6 percent, and the rate is still below the central bank's 4 percent to 5 percent target this year.
Malaysia's ringgit rose for a second day on speculation that overseas investors will buy local equities.
The ringgit recouped a weekly decline as the Kuala Lumpur Composite Index had the best week since the five days to Aug. 24.
A government report on industrial production next week will probably show that domestic demand is supporting economic growth.
"Risk appetite will return and the market will sell back the dollar in favor of Asian currencies," said Awaluddin Shariff, a currency trader at EON Bank Bhd in Kuala Lumpur. "Growth prospects are still OK."
The currency rose to 3.4045 against the US dollar from 3.4102 late on Friday, data compiled by Bloomberg showed.
The Taiwan dollar gained for a third week, adding 0.2 percent to NT$32.597 against the US currency, Taipei Forex Inc said. A report on Friday showed Taiwan's inflation accelerated to a two-year high last month.
Consumer prices advanced 3.08 percent from a year earlier, the state statistics bureau said in Taipei. That was more than the 2.06 percent median estimate in a Bloomberg News survey of 18 economists. Prices rose a revised 1.6 percent in August.
Indonesia's rupiah strengthened, ending three days of losses, on speculation the central bank will defer cutting interest rates next week to help temper inflation.
The rupiah rose 0.3 percent to 9,101 against the US currency, completing a fourth weekly gain, according to data compiled by Bloomberg.
Bank Indonesia will keep the rate used as reference for bill sales at 8.25 percent on Monday, 16 of 17 economists surveyed by Bloomberg News said.
Elsewhere, the Singapore dollar rose 0.6 percent in the week, the Thai baht posted a weekly gain of 0.1 percent and the Vietnam dong was little changed in the week at 16,083.5.
China's onshore markets were closed this week for national holidays.
PROTECTIONISM: China hopes to help domestic chipmakers gain more market share while preparing local tech companies for the possibility of more US sanctions Beijing is stepping up pressure on Chinese companies to buy locally produced artificial intelligence (AI) chips instead of Nvidia Corp products, part of the nation’s effort to expand its semiconductor industry and counter US sanctions. Chinese regulators have been discouraging companies from purchasing Nvidia’s H20 chips, which are used to develop and run AI models, sources familiar with the matter said. The policy has taken the form of guidance rather than an outright ban, as Beijing wants to avoid handicapping its own AI start-ups and escalating tensions with the US, said the sources, who asked not to be identified because the
Taipei is today suspending its US$2.5 trillion stock market as Super Typhoon Krathon approaches Taiwan with strong winds and heavy rain. The nation is not conducting securities, currency or fixed-income trading, statements from its stock and currency exchanges said. Yesterday, schools and offices were closed in several cities and counties in southern and eastern Taiwan, including in the key industrial port city of Kaohsiung. Taiwan, which started canceling flights, ship sailings and some train services earlier this week, has wind and rain advisories in place for much of the island. It regularly experiences typhoons, and in July shut offices and schools as
FALLING BEHIND: Samsung shares have declined more than 20 percent this year, as the world’s largest chipmaker struggles in key markets and plays catch-up to rival SK Hynix Samsung Electronics Co is laying off workers in Southeast Asia, Australia and New Zealand as part of a plan to reduce its global headcount by thousands of jobs, sources familiar with the situation said. The layoffs could affect about 10 percent of its workforces in those markets, although the numbers for each subsidiary might vary, said one of the sources, who asked not to be named because the matter is private. Job cuts are planned for other overseas subsidiaries and could reach 10 percent in certain markets, the source said. The South Korean company has about 147,000 in staff overseas, more than half
Her white-gloved, waistcoated uniform impeccable, 22-year-old Hazuki Okuno boards a bullet train replica to rehearse the strict protocols behind the smooth operation of a Japanese institution turning 60 Tuesday. High-speed Shinkansen trains began running between Tokyo and Osaka on Oct. 1, 1964, heralding a new era for rail travel as Japan grew into an economic superpower after World War II. The service remains integral to the nation’s economy and way of life — so keeping it dazzlingly clean, punctual and accident-free is a serious job. At a 10-story, state-of-the-art staff training center, Okuno shouted from the window and signaled to imaginary colleagues, keeping
RSS