Most Asian currencies advance; Indonesian rupiah leads gainers

Most Asian currencies were higher on Friday as the U.S. dollar fell overnight after distinctly muted responses to the latest Republican tax reform bill and Jerome Powell being chosen as the next Chairman of the Federal Reserve.

The tax reform legislation called for slashing corporate tax rates to 20 percent from 35 percent and reducing the number of tax brackets for individuals, according to a summary document.

The dollar index fell to a one-week low after the tax reform bill was unveiled but has recovered since.

The dollar barely reacted to the widely expected news of Powells nomination.

Asian currencies have gained as global risk appetite improved, said Emmanuel Ng, FX strategist at Oversea-Chinese Banking Corporation Ltd.

He cited falling volumes, positive equities, an absence of distinctly negative headlines, and dovish global central banks as contributing factors.

In Asia currencies, the Philippine peso was up as much as 0.3 percent, and on track to snap a five-week losing streak.

The South Korean won was up 0.1 percent, holding to the highest its been for more than three months and on track for a fifth straight gaining session and its biggest weekly gain since July 14.

On the other hand, the Chinese yuan led the losses, down 0.2 percent, while the Singapore dollar was 0.1 percent lower, snapping two gaining days.

 

INDONESIAN RUPIAH

The rupiah was up 0.6 percent, hitting its highest since Oct 16, and on track to post its biggest weekly gain since early September.

Fridays move higher today was mostly due to inflows and investors positioning ahead of third-quarter economic growth data on Nov 6, said Fakhrul Fulvian, Economist at Trimegah Securities.

The GDP growth announcement will surprise the market in a positive way, said Fulvian. Our calculations are that growth will be 5.08 percent, but the number could possibly be higher.

The median forecast of 14 analysts in a Reuters poll was for annual growth of 5.13 percent in July-September, which would be Indonesias best quarter since April-June 2016.

Fulvian added that foreign investors have been underweight on Indonesian government bonds and are now increasing their positions, which bodes well for the rupiah.

The yield for Indonesian 10 year benchmark for bonds was down 0.089 percent at 0454 GMT.

 

Source : Nasdaq

Nov 03, 2017


 
Bank note current rate:
  currency buy sell
GBP 18,850 19,150
AUD 10,525 10,740
HKD 1,691 1,752
USD 13,500 13,700
MYR 3,425 3,510
CAD 10,550 10,825
SGD 10,150 10,400
EURO 16,650 16,850
SFR 14,400 14,650
YEN 126 128.30
NZD 9,800 10,000
THB 421 443
NT 446 476
WON 11.77 12.75
DKK 2,130 2,265
SEK 1,595 1,685
BND 10,100 10,400
NOK 1,658 1,740
SAR 3,488 3,655
PHP 245 265
RMB 2,066 2,163
INR 163 211
RUB 182 242
AED 3,587 3,730
   Last Updated :24 Feb 2018 - 09:35 AM
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