South Korea's won posted its biggest weekly gain since April as foreign investors boosted purchases of shares and on speculation the central bank bought the currency to stem a decline. The Philippine peso fell as rising oil prices slow economic growth.
The won reached the highest since May 7 as stock exchange data showed fund managers based outside of Korea bought more shares than they sold for a third day. The currency last week dropped to the lowest level since October 2005 on concern that the current account deficit will widen. The Bank of Korea said on Friday the shortfall was US$1.56 billion in April, compared with US$110.6 million a month earlier.
“One of the major reasons for the won’s recovery is inflows from foreign investors into stocks,” said Hideki Hayashi, chief economist at Shinko Securities Co in Tokyo.
The won advanced 0.2 percent to 1,030.35 against the US dollar at the close of local trading on Friday, taking gains this week to 1.6 percent, according to Seoul Money Brokerage Services Ltd.
The peso fell 0.7 percent this week to 43.75, according to the Bankers Association of the Philippines.
The Philippine peso fell for a seventh week on speculation accelerating inflation will damp economic growth.
The peso is the second worst-performing Asian currency this month after first-quarter economic growth slowed to the weakest in more than a year as record food and oil prices curbed consumer spending.
The peso lost 3.4 percent last month, its worst since March.
Indonesia’s rupiah posted a fourth weekly decline after the price of oil doubled in the past year, spurring concern that state finances will deteriorate.
The rupiah fell 1 percent last month, paring this year’s gain to 0.8 percent. It traded at 9,315 in Jakarta on Friday, compared with 9,309 the previous week, according to data compiled by Bloomberg.
The New Taiwan dollar headed for its second weekly advance against the US currency.
The NT dollar rose 0.3 percent this week to NT$30.419.
Elsewhere, the Singapore dollar fell 0.4 percent to S$1.3677. The Malaysian ringgit declined to 3.2400 compared with 3.2165 last week.
The Thai baht lost 1.1 percent to 32.49. The Vietnamese dong weakened to 16,247 versus 16,199.
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