Asian currencies fell this week, led by South Korea’s won and Indonesia’s rupiah, as investors fled emerging-market assets to avoid risk from a deepening global economic slump.
Nine of the 10 most-active currencies in Asia dropped over the five days as the MSCI Asia-Pacific Index slumped 6.8 percent, the biggest drop since the period ended Oct. 24.
The rupiah fell to a decade low on Friday after Bank Indonesia Governor Boediono said the deposit guarantee agency will take over the operations of PT Bank Century, the nation’s 13th-biggest lender by market value, to provide more security for customers.
The won declined 6.4 percent this week to 1,495 per dollar, according to Seoul Money Brokerage Services Ltd. It touched 1,525 a dollar on Friday, the weakest since March 1998.
The rupiah dropped 4.3 percent for the week to 12,100 per dollar.
The yen rose for a third week against the dollar and the euro on speculation the slump in global stocks will prompt investors to sell higher-yielding assets and pay back loans made in Japan’s currency.
The yen traded at ¥95.94 per dollar in New York, versus ¥97.14 a week ago.It was at ¥120.71 per euro from ¥122.39 last Friday.
The Philippine peso fell 0.9 percent this week to 49.82 per US dollar, after touching 50.17.
Elsewhere, the New Taiwan dollar dropped 0.8 percent this week to NT$33.079 against the US currency, India’s rupee slumped 1.9 percent to 50.0675 and the Singapore dollar weakened 0.9 percent to S$1.5301. Thailand’s baht fell 0.5 percent to 35.22 and Vietnam’s dong was little changed at 16,972.
The 15-nation euro surged to US$1.2587 in late New York trading on Friday, up from US$1.2507 late on Thursday but still off its high of US$1.2640 in overnight trading.
The British pound jumped to US$1.4908 from US$1.4812.
In other New York trading, the US dollar dropped to C$1.2685 from C$1.2842 late on Thursday, and dipped to 1.2225 Swiss francs from SF1.2233.
AIR DEFENSE: The Norwegian missile system has proved highly effective in Ukraine in its war against Russia, and the US has recommended it for Taiwan, an expert said The Norwegian Advanced Surface-to-Air Missile Systems (NASAMS) Taiwan ordered from the US would be installed in strategically important positions in Taipei and New Taipei City to guard the region, the Ministry of National Defense said in statement yesterday. The air defense system would be deployed in Taipei’s Songshan District (松山) and New Taipei City’s Tamsui District (淡水), the ministry said, adding that the systems could be delivered as soon as the end of this year. The US Defense Security Cooperation Agency has previously said that three NASAMS would be sold to Taiwan. The weapons are part of the 17th US arms sale to
SERIOUS ALLEGATIONS: The suspects formed spy networks and paramilitary groups to kill government officials during a possible Chinese invasion, prosecutors said Prosecutors have indicted seven retired military officers, members of the Rehabilitation Alliance Party, for allegedly obtaining funds from China, and forming paramilitary groups and assassination squads in Taiwan to collaborate with Chinese troops in a possible war. The suspects contravened the National Security Act (國家安全法) by taking photos and drawing maps of key radar stations, missile installations and the American Institute in Taiwan’s headquarters in Taipei, prosecutors said. They allegedly prepared to collaborate with China during a possible invasion of Taiwan, prosecutors said. Retired military officer Chu Hung-i (屈宏義), 62, a Republic of China Army Academy graduate, went to China
INSURRECTION: The NSB said it found evidence the CCP was seeking snipers in Taiwan to target members of the military and foreign organizations in the event of an invasion The number of Chinese spies prosecuted in Taiwan has grown threefold over a four-year period, the National Security Bureau (NSB) said in a report released yesterday. In 2021 and 2022, 16 and 10 spies were prosecuted respectively, but that number grew to 64 last year, it said, adding that the Chinese Communist Party (CCP) was working with gangs in Taiwan to develop a network of armed spies. Spies in Taiwan have on behalf of the CCP used a variety of channels and methods to infiltrate all sectors of the country, and recruited Taiwanese to cooperate in developing organizations and obtaining sensitive information
REGIONAL PEACE: The US is supporting Taiwan’s self-defense capabilities by providing the nation with defensive arms and services, as it aims to maintain cross-strait stability The US on Friday reiterated its support for Taiwan’s self-defense capabilities in a statement affirming its commitment to the Indo-Pacific region. The White House said that Washington has supported Taiwan’s self-defense capabilities through a range of security assistance authorities and resources, including the first-ever use of Foreign Military Financing (FMF) and Presidential Drawdown Authority (PDA) for Taiwan, as well as International Military Education and Training (IMET). US President Joe Biden had identified the Indo-Pacific as the critical region for the future of the US and the world, it said. “In pursuit of regional peace, security and stability, we have reinvested in our defense
RSS