Asian currencies had a weekly decline, led by South Korea’s won and Indonesia’s rupiah, on signs investors are dumping emerging-market assets as a deepening US slowdown threatens to damp global growth.
The won fell for a sixth week, the longest losing streak since 2001, as global funds sold local stocks and a central bank report confirmed on Friday that Asia’s fourth-biggest economy expanded at the slowest pace in more than a year.
“Market players are cautious about unrest in global financial markets, which is strengthening sentiment for the dollar,” said Kim Sung-soon, a currency dealer with Industrial Bank of Korea in Seoul. “Importers’ deals and stock sales are knocking the wind out of the won.”
The won fell 2.6 percent to 1,117.80 per US dollar this week in Seoul, according to Seoul Money Brokerage Services Ltd. It rose 1 percent on Friday. It is the worst performer among the 10 most-active Asian currencies outside of Japan this year, with a 16.6 percent loss.
Indonesia’s rupiah had its worst week since June last year as the Jakarta Composite Index plunged to a one-year low on Friday.
The Philippine peso completed a sixth weekly loss as the local benchmark stock index declined 1.1 percent on Friday, the biggest drop since Aug. 19.
The rupiah weakened 1.3 percent on Friday and 2.4 percent through the week to 9,375 to the dollar, according to data compiled by Bloomberg. The peso fell 2 percent this week to 46.833 in Manila, according to Tullett Prebon PLC. It weakened 0.7 percent on Friday.
The ringgit fell 1.9 percent this week to 3.4595 per dollar in Kuala Lumpur, Bloomberg data show. It dropped 0.8 percent on Friday. The Thai baht weakened 1 percent to 34.59 in Bangkok, with Friday’s loss at 0.5 percent.
Elsewhere, the New Taiwan dollar slid 1.1 percent this week to NT$31.875 against the US currency and the Singapore dollar declined 1.7 percent to S$1.4382. India’s rupee weakened 1.7 percent to 44.66 and Vietnam’s dong slipped 0.4 percent to 16,595.
RULES BROKEN: The MAC warned Chinese not to say anything that would be harmful to the autonomous status of Taiwan or undermine its sovereignty A Chinese couple accused of disrupting a pro-democracy event in Taipei organized by Hong Kong residents has been deported, the National Immigration Agency said in a statement yesterday afternoon. A Chinese man, surnamed Yao (姚), and his wife were escorted by immigration officials to Taiwan Taoyuan International Airport, where they boarded a flight to China before noon yesterday, the agency said. The agency said that it had annulled the couple’s entry permits, citing alleged contraventions of the Regulations Governing the Approval of Entry of People of the Mainland Area into the Taiwan Area (大陸地區人民進入台灣地區許可辦法). The couple applied to visit a family member in
CELEBRATION: The PRC turned 75 on Oct. 1, but the Republic of China is older. The PRC could never be the homeland of the people of the ROC, Lai said The People’s Republic of China (PRC) could not be the “motherland” of the people of the Republic of China (ROC), President William Lai (賴清德) said yesterday. Lai made the remarks in a speech at a Double Ten National Day gala in Taipei, which is part of National Day celebrations that are to culminate in a fireworks display in Yunlin County on Thursday night next week. Lai wished the country a happy birthday and called on attendees to enjoy the performances and activities while keeping in mind that the ROC is a sovereign and independent nation. He appealed for everyone to always love their
‘EXTREME PRESSURE’: Beijing’s goal is to ‘force Taiwan to make mistakes,’ Admiral Tang Hua said, adding that mishaps could serve as ‘excuses’ for launching a blockade China’s authoritarian expansionism threatens not only Taiwan, but the rules-based international order, the navy said yesterday, after its top commander said in an interview that the Chinese People’s Liberation Army (PLA) could blockade the nation at will. The object of Beijing’s expansionist activities is not limited to Taiwan and its use of pressure is not confined to specific political groups or people, the navy said in a statement. China utilizes a mixture of cognitive warfare and “gray zone” military activities to pressure Taiwan, the navy said, adding that PLA sea and air forces are compressing the nation’s defensive depth. The navy continues to
MISSILE MISSION: The Chungshan Institute of Science and Technology said it does not make policy, but would be glad to obtain certification to assemble the missiles The Ministry of National Defense-affiliated Chungshan Institute of Science and Technology is in the process of getting certified to assemble an additional 1,985 Stinger missiles on top of those from US arms sales, a senior defense official said yesterday. Washington is to send a team to Taiwan to evaluate the institute’s manufacturing capabilities and information security, said the official, who commented on condition of anonymity. The ministry initially bought 500 missiles for the army and navy, but later increased the order to 2,485 in response to an increase in Beijing’s military activities around the nation, and to meet the army’s urgent need