Asian currencies mostly declined this week, led by the Indonesian rupiah, as an 18 percent slide in China’s benchmark share index over the past month raised concerns about the strength of an economic recovery.
Malaysia’s ringgit, the Indian rupee and the Thai baht also dropped before a US Labor Department report yesterday that showed the number of people out of work rose to the highest level in 26 years last month. South Korea’s won advanced for a second week on speculation investors will increase holdings of the nation’s assets as economic growth accelerates.
The rupiah dropped 0.6 percent this week to 10,115 per US dollar in Jakarta, according to data compiled by Bloomberg. The ringgit fell 0.2 percent to 3.5265 in Kuala Lumpur and the baht dropped 0.1 percent to 34.06 in Bangkok. Korea’s currency climbed 0.3 percent to 1,241.20.
The yen posted a fourth weekly gain against the dollar as investors consider the currency as a so-called safe-haven given the outlook for a slow global recovery. The Japanese currency traded at ¥92.96 per dollar in New York of Friday, from ¥93.60 at the end of last week.
The New Taiwan dollar traded at NT$32.905 on Friday, compared with NT$32.925 at the end of last week.
Elsewhere, the Singapore dollar dropped 0.1 percent this week to S$1.4404 versus the greenback and India’s rupee fell 0.4 percent to 48.8613. The peso climbed 0.3 percent to 48.640.
The US dollar dropped against most of its major counterparts on speculation investors betting on a quick recovery in the global economy bought higher-yielding assets as G20 finance ministers convened.
The Brazilian real and South African rand posted the biggest advances against the greenback among the most-traded currencies this week as US employers slowed the rate of job cuts last month.
The greenback fell 0.6 percent to ¥93.01 on Friday, from ¥93.60 last Friday. The US currency was little changed at US$1.4311 per euro. The real climbed 2.2 percent to 1.8401 versus the US currency, and the rand advanced 2.1 percent to 7.5908.
The London interbank offered rate on three-month loans in dollars fell this week, declining for a 13th straight day on Friday to 0.31 percent, according to the British Bankers’ Association. The corresponding rate for funds in yen was higher at 0.38 percent.
The Australian dollar gained 1.2 percent this week to US$0.8515 and advanced 0.6 percent to ¥79.21.
Taiwan moved clear of Mexico to be the only country at No. 2 in the World Baseball Softball Confederation (WBSC) Men’s Baseball World Rankings. Meanwhile, draft bills to set up a ministry of sports were approved at a joint session at the legislature in Taipei yesterday. After previously being tied with Mexico for second on 4,118 points, Taiwan moved clear on 5,498 points after they defeated Japan in the final of the WBSC Premier12 tournament on Sunday. Mexico (4,729) dropped to fourth, behind Venezuela (4,846), who finished fourth at the tournament. Taiwan narrowed the gap to first-placed Japan to 1,368 points from 1,638, WBSC
GLOBAL SUPPORT: The Ministry of Foreign Affairs said that the motion highlighted the improper exclusion of Taiwan from international discussion and cooperative mechanisms Taiwan yesterday thanked the British parliament for passing a motion stating that UN Resolution 2758 does not involve Taiwan, making it the latest body to reject China’s interpretation of the resolution. The House of Commons on Thursday debated the international status of Taiwan and unanimously passed a pro-Taiwan motion stating that the House “notes that UN Resolution 2758 does not address the political status of Taiwan or establish PRC [People’s Republic of China] sovereignty over Taiwan and is silent both on the status of Taiwan in the UN and on Taiwanese participation in UN agencies.” British Foreign, Commonwealth and Development Office Parliamentary
HIGH ALERT: The armed forces are watching for a potential military drill by China in response to the president’s trip, with the air force yesterday conducting an exercise President William Lai (賴清德) is to make stopovers in Hawaii and the US territory of Guam during his seven-day trip to the South Pacific, his first official visit since taking office in May, the Presidential Office said yesterday. Lai, accompanied by a delegation, is scheduled to depart for the South Pacific on a chartered flight at 4:30pm tomorrow, stopping first in Hawaii for a two-night layover before traveling to the Marshall Islands, an office official said. After wrapping up his visits to the Marshall Islands and Tuvalu, the president is to transit through Guam, spending a night there before flying to Palau,
‘IMPORTANCE OF PEACE’: President Lai was welcomed by AIT Managing Director Ingrid Larson, Hawaii Governor Josh Green, Honolulu Mayor Rick Blangiardi and others President William Lai (賴清德) was feted with red carpets, garlands of flowers and “alohas” as he began his two-day stopover in Hawaii on Saturday, part of a Pacific tour. Looking relaxed in a Hawaiian shirt, Lai flitted around the US island state, visiting the Bernice Pauahi Bishop Museum, Hawaii’s leading museum of natural history and native Hawaiian culture, the Hawaii Emergency Management Agency and the USS Arizona Memorial in Pearl Harbor. Lai was given the “red carpet treatment” on the tarmac of Honolulu’s international airport, his office said, adding that it was the first time a Taiwanese president had been given such
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