Asia Currencies Post Weekly Decline on Intervention Speculation
Oct. 24 (Bloomberg) -- Asian currencies fell this week, with the Korean won and the Philippine peso both sliding the most in more than four months, on speculation policy makers will limit currency gains to support exports.
The Bloomberg-JPMorgan Asia Dollar Index , which tracks the 10 most-active regional currencies excluding the yen, declined for the first time since August. Brazil this week imposed a 2 percent levy on foreigners’ purchases of bonds and stocks to help curb the real’s appreciation, cooling demand for emerging- market assets.
“Generally, Asian policy makers have been intervening to resist the currency gains over the past few months,” said David Cohen , director of Asian forecasting at Action Economics in Singapore. “The yuan has been pegged for the past year so nobody wants to lose too much competitiveness to China.”
The won was at 1,181.25 per dollar yesterday, 1.5 percent lower than on Oct. 16. The currency rose in each of the previous eight weeks and reached 1,155.05 on Oct. 15, the strongest level in a year. The peso declined 0.8 percent this week to 46.995 and Indonesia’s rupiah slid 0.4 percent to 9,435, paring this year’s advance to 16 percent.
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