Profit booking hurts Asia FX; rupee shines on election optimism
May 12 2014
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.