Asian currencies rose this week, led by the Thai baht and South Korea’s won, as the world’s fastest economic growth drew funds to the region and data in the US, China and Japan brightened the outlook for exports.
The Bloomberg-JPMorgan Asia Dollar Index climbed to a four-month high as equities in India, Indonesia, South Korea, Taiwan and Thailand attracted more than US$1 billion from abroad. US jobless claims were the lowest in two months, China’s imports rose more than economists forecast and Japan raised its estimate for second-quarter economic growth, reports showed this week. The baht and Malaysia’s ringgit reached 13-year highs.
The baht appreciated 1.2 percent this week to 30.83 per US dollar as of 3:22pm in Bangkok on Friday, according to data compiled by Bloomberg. The won rose 0.8 percent to 1,165.85 on Friday, touching a one-month high of 1,159.98. The yuan climbed 0.5 percent to 6.7650.
The New Taiwan dollar had its best week in a month as economic data from the world’s three biggest economies brightened the outlook for exports.
The currency gained for a third day as exchange data showed global funds bought US$503 million more local shares than they sold this week.
“Risk appetite has come back this week as concerns about the global economic recovery have eased a bit,” said Tarsicio Tong (湯健揚), a currency trader at Union Bank of Taiwan (聯邦銀行) in Taipei.
The NT dollar gained 0.3 percent this week, the most since the five-day period ended Aug. 6, to NT$31.91 against its US counterpart as of the 4pm close, according to Taipei Forex Inc. The currency gained 0.1 percent from Thursday.
Elsewhere in Asia, the ringgit strengthened 0.4 percent to 3.1065 per US dollar this week and Indonesia’s rupiah gained 0.4 percent to 8,963. The Philippine peso jumped 1.3 percent to 44.11, India’s rupee gained 0.4 percent to 46.47 and Singapore’s dollar rose 0.4 percent to S$1.3415. Financial markets were shut in all five countries on Friday for holidays.
Taiwan aims to open 18 representative offices and seven Taiwan Tourism Information Centers worldwide by next year to attract international visitors, the Tourism Administration said on Saturday. The agency has so far opened three representative offices abroad this year and would open two more before the end of the year, it said. It has also already opened information centers in Jakarta, Mumbai and Paris, and is to open one in Vancouver next month and in Manila in December, it said. Next year, it would also open offices in Amsterdam, Dubai and Sydney, it added. While the Cabinet did not mention international tourists in its
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