Asian currencies, led by South Korea's won, declined this week as overseas investors increased sales of local shares following the biggest loss in US stocks in almost three weeks.
The won slumped 5.5 percent this quarter, the most since the period ended December 2000, on concern that record oil prices will slow the nation’s economic growth. The MSCI Asia-Pacific index of equities fell, with the benchmark heading for its worst first half since 1992. Thailand’s baht dropped for a fifth week.
The won fell 1.3 percent this week to 1,041.80 against the dollar in Seoul, according to Seoul Money Brokerage Services Ltd. The currency has declined 11.3 percent this year, the second-worst performance among the 10 most-active currencies in Asia outside Japan.
The New Taiwan dollar was little changed at NT$30.388 to the US currency.
Elsewhere, the Thai baht lost 0.7 percent to 33.58 per dollar this week, Vietnam’s dong fell 1.4 percent to 16,843 and the Singapore dollar added 0.1 percent this week to S$1.3632.
Malaysia’s ringgit fell on concern that crude oil prices will spur inflation, slow growth and prompt investors to sell assets in the region. The ringgit traded at 3.2625 per dollar on Friday, versus 3.2560 a week ago, according to data compiled by Bloomberg.
The Philippine peso posted a weekly loss, dropping to the lowest level in almost nine months, after crude oil rallied to an all-time high this week. The commodity’s prices in New York have more than doubled in the past year.
The currency fell 1 percent this week to 44.79 a dollar, according to data compiled by Bloomberg, from 44.35 at the end of last week, according to the Bankers Association of the Philippines. The peso may drop to around 46 next quarter, Manila-based Algarra said.
Indonesia’s rupiah gained this week on speculation the central bank will raise interest rates on Thursday, increasing the extra yield offered by the nation’s assets.
The currency rose as high as 9,193, the strongest level since May 1, before trading at 9,215 against the dollar on Friday, compared with 9,260 last week, according to data compiled by Bloomberg.
Tropical Storm Usagi strengthened to a typhoon yesterday morning and remains on track to brush past southeastern Taiwan from tomorrow to Sunday, the Central Weather Administration (CWA) said yesterday. As of 2pm yesterday, the storm was approximately 950km east-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost point, the CWA said. It is expected to enter the Bashi Channel and then turn north, moving into waters southeast of Taiwan, it said. The agency said it could issue a sea warning in the early hours of today and a land warning in the afternoon. As of 2pm yesterday, the storm was moving at
UPDATED FORECAST: The warning covered areas of Pingtung County and Hengchun Peninsula, while a sea warning covering the southern Taiwan Strait was amended The Central Weather Administration (CWA) at 5:30pm yesterday issued a land warning for Typhoon Usagi as the storm approached Taiwan from the south after passing over the Philippines. As of 5pm, Usagi was 420km south-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost tip, with an average radius of 150km, the CWA said. The land warning covered areas of Pingtung County and the Hengchun Peninsula (恆春), and came with an amended sea warning, updating a warning issued yesterday morning to cover the southern part of the Taiwan Strait. No local governments had announced any class or office closures as of press time last night. The typhoon
DISCONTENT: The CCP finds positive content about the lives of the Chinese living in Taiwan threatening, as such video could upset people in China, an expert said Chinese spouses of Taiwanese who make videos about their lives in Taiwan have been facing online threats from people in China, a source said yesterday. Some young Chinese spouses of Taiwanese make videos about their lives in Taiwan, often speaking favorably about their living conditions in the nation compared with those in China, the source said. However, the videos have caught the attention of Chinese officials, causing the spouses to come under attack by Beijing’s cyberarmy, they said. “People have been messing with the YouTube channels of these Chinese spouses and have been harassing their family members back in China,”
The Central Weather Administration (CWA) yesterday said there are four weather systems in the western Pacific, with one likely to strengthen into a tropical storm and pose a threat to Taiwan. The nascent tropical storm would be named Usagi and would be the fourth storm in the western Pacific at the moment, along with Typhoon Yinxing and tropical storms Toraji and Manyi, the CWA said. It would be the first time that four tropical cyclones exist simultaneously in November, it added. Records from the meteorology agency showed that three tropical cyclones existed concurrently in January in 1968, 1991 and 1992.
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