Asian Currencies Gain, Led by Won, Rupiah

May 2, 2009 at 8:59 pm | Posted in Lifescape | Leave a comment
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“All the Asian currencies are on a stronger footing and 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.

Taiwan’s dollar jumped the most in six months on April 30 after Chinese companies were allowed to invest in the island for the first time since a civil war ended in 1949

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 and Taiwan’s dollar rose 1.3 percent to NT$33.233.

All regional markets except Indonesia were closed yesterday for the Labor Day holiday. There was no trading in Mumbai on April 30 as well for elections.

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