Profit booking hurts Asia FX; rupee shines on election optimism

Tags: Asia FX, Rupee, News
Most emerging Asian currencies eased on Monday with some investors taking profits from their gains last week, while the Indian rupee hit a near 10-month high on bets of a strong win for the main opposition party in parliamentary elections.

The Chinese yuan fell, putting pressure on regional peers, after the central bank fixed the daily midpoint at its lowest level in eight months.

Thailand's baht fell as local shares touched six-week lows amid risk of political violence.

Investors booked profits from the peso as the Philippine currency last week reported the largest weekly gain in nearly two years.

The ringgit slid as investors covered short positions in the dollar ahead of the closure of financial markets in Malaysia on Tuesday. Markets in Singapore and Thailand will also be shut for a holiday.

The rupee, however, rose as much as 0.9 percent to 59.51 per dollar, its strongest since July 29, 2013, as local stocks jumped almost 2 percent.

Investors bet on a strong victory for the opposition Bharatiya Janata Party, seen as more reform-minded and business friendly.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The NDA government would do well to keep its economic focus in place

    It is as if the worst horrors conjured by liberal secularists about India’s prime minister could be finally coming true.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture