Asian currencies rose against the dollar for a third week as signs a global recession is easing prompt investors to favor riskier assets, helping emerging markets draw funds.
South Korea’s won and Indonesia’s rupiah led the advance on optimism the region’s exports will rebound after Japan reported industrial output grew for the first time in six months and a Chinese gauge of manufacturing climbed for a second month.
The New Taiwan dollar jumped the most in six months on Thursday after Chinese companies were allowed to invest in Taiwan for the first time since 1949.
The NT dollar rose 1.3 percent this week to close at NT$33.233 against the greenback. The currency appreciated 2.1 percent last month, following an advance of 3.1 percent in March.
The won surged 4.7 percent this week to close at 1,282.95 per dollar in Seoul, according to data compiled by Bloomberg. The rupiah climbed 2.1 percent to 10,610.
All regional markets except Indonesia were closed on Friday for the Labor Day holiday. There was no trading in Mumbai on Thursday as well for elections.
The yen traded at 99.17 a dollar after dropping to a two-week low of 99.58 on Friday. It declined to 132.07 per euro on Friday, the lowest since April 14.
The ringgit strengthened 0.8 percent this week to 3.5585 per dollar.
Elsewhere, the Philippine peso gained 0.1 percent this week to 48.360 versus the greenback and the Thai baht rose 0.3 percent to 35.30. China’s yuan was little changed at 6.8230 versus 6.8273 last Friday.
The US dollar dropped as signs of recovery in manufacturing in China and the US sapped demand for the currencies as a refuge.
Australia’s dollar rose for a ninth week against the greenback.
The euro rose 0.9 percent to ¥131.74 at 9:06am in New York on Friday, from ¥130.52 on Thursday, and reached ¥132.35, the highest level since April 14.
The euro on Friday appreciated 0.2 percent to US$1.3253 from US$1.3230 on Thursday.
Japan’s currency fell 2.6 percent versus the euro and 2.3 percent against the dollar this week, the first declines in a month. The US dollar dropped versus the euro for a second week, losing 0.2 percent. The US currency will likely weaken to US$1.40 per euro in six months, Shankar said.
Australia’s currency climbed 1 percent to US$0.7326 and increased 1.7 percent to ¥72.76 as a rally in stocks last month encouraged carry trades.
South Africa’s rand touched 8.4076 per dollar on Friday.
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