Asian currencies climbed for a fourth month last month, paced by the Malaysian ringgit and Singapore dollar, as improving earnings and economic data led foreign investors to pour money into emerging markets.
The Bloomberg-JPMorgan Asia Dollar Index rose 1 percent last month, while reports in South Korea and Singapore showed rebounding factory production.
The South Korean won appreciated 2 percent last month to 1,108.30 per US dollar in Seoul, according to data compiled by Bloomberg. The Singapore dollar climbed 2.4 percent to S$1.3669 and Malaysia’s ringgit strengthened 2.4 percent to 3.1850.
Thailand’s baht dropped 0.4 percent this week to 32.35, according to data compiled by Bloomberg.
The New Taiwan dollar had its biggest monthly gain since September on speculation a possible yuan appreciation and a planned trade accord with China will help attract funds to the island’s assets.
The NT dollar advanced 0.1 percent to NT$31.418 against its US counterpart as of the 4pm close on Friday, according to Taipei Forex Inc. It reached NT$31.269 on Tuesday, the highest level since August 2008 and climbed 1.3 percent this month.
The Philippine peso gained 1.6 percent this month to 44.455 per US dollar, a third monthly rally. Indonesia’s rupiah rose 0.9 percent to 9,013.
The euro dropped for a fifth month versus the US dollar in the longest stretch of losses since November 2008 as Europe’s deficit crisis spread and officials negotiated a potential US$159 billion rescue for Greece.
The US dollar rose on Friday to a three-week high versus the yen after the Federal Reserve said the labor market is “beginning to improve” before next week’s payrolls report. The franc was the only currency to drop last month versus the euro among its most-traded counterparts as the Swiss National Bank cited measures to limit appreciation.
The euro fell 1.6 percent to US$1.3294 on Friday, from US$1.3510 on March 31. The euro dropped 1.2 percent to ¥124.78, from ¥126.27. The US dollar rose 0.4 percent to ¥93.85, from ¥93.47, after reaching ¥94.58 on Friday, the highest level since April 5.
The pound rose last month for the first time since October, increasing 0.6 percent to US$1.5274 as evidence of a recovering economy overshadowed political turmoil before the election on Thursday.
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