Most emerging Asian currencies down
23 November 2015, Nirapad News: Most emerging Asian currencies slid on Monday as the dollar hit a seven-month peak against major currencies with expectations of further easing in Europe, while slumping commodity prices indicated sluggish global demand.
The Chinese yuan touched a near three-month low,adding to pressure on regional units, after the central bank setits daily guidance rate weaker.
Singapore’s dollar underperformed its neighbours after October inflation came in lower than expected.
The Indonesian rupiah and the Malaysian ringgit slumped as commodity prices lost ground, underscoring concerns over falling exports of those countries. The ringgit pared most of earlier losses on a media report that China will buy more bonds in the Southeast Asian country.
South Korea’s won skidded on selling from offshore funds as foreign investors kept unloading local equities.
The US dollar jumped to its highest since April against a basket of six major currencies, especially the euro.
The European Central Bank is ready to act quickly to boost anaemic inflation in the euro zone, its President Mario Draghi said on Friday, suggesting the authority may announce policy easing at its next meeting on Dec. 3.