(Updates prices. For midday report, double-click
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SEOUL, Oct 9 (Reuters) – The Malaysian ringgit hit a near
three-week high on Thursday ahead of the country’s budget for
2015, leading gains in emerging Asian currencies as minutes from
the U.S. Federal Reserve’s latest policy meeting eased concerns
that it may raise interest rates more quickly than expected
The ringgit rose as high as 3.2310 per dollar, its
strongest since Sept. 22, ahead of the country’s 2015 budget
announcement on Friday.
Investors are hoping the government will follow up on the
increase in administered fuel price announced on Oct. 1, by
announcing changes to the fuel subsidy regime when Prime
Minister Najib Razak delivers the 2015 budget proposals.
An aide to the prime minister has said the government is
considering moving off the current blanket subsidy for all
consumers to a system that only benefits middle and lower income
groups.
Thailand’s baht advanced on stop-loss dollar
selling and exporters’ demand for settlements. Local stocks
and bond prices rose.
The Philippine peso touched a two-week high on
stop-loss dollar selling.
The dollar index, a gauge of the greenback’s
performance against six major currencies, fell to a two-week
low.
Minutes of the Fed’s September meeting released on Wednesday
suggested the central bank was in no hurry to raise interest
rates. Policymakers were worried the recent rally in the
greenback might slow the gradual increase in inflation towards
the Fed’s 2 percent goal.
Emerging Asian currencies had been under pressure as recent
solid U.S. economic data spurred expectations of faster
increases in U.S. borrowing costs, which will hurt higher-yield
appeals in the region.
Sentiment toward most emerging Asian currencies deteriorated
further in the past two weeks with short positions in South
Korea’s won reaching a near 2-1/2 year high, a Reuters poll
showed.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0800 GMT
Currency Latest bid Previous day Pct Move
Japan yen 107.60 108.08 +0.45
Sing dlr 1.2679 1.2732 +0.42
Taiwan dlr 30.420 30.505 +0.28
Korean won 1074.65 1074.10 -0.05
Baht 32.35 32.61 +0.80
Peso 44.63 44.81 +0.40
Rupiah 12165.00 12235.00 +0.58
Rupee 60.92 61.40 +0.78
Ringgit 3.2335 3.2725 +1.21
Yuan 6.1318 6.1390 +0.12
Change so far in 2014
Currency Latest bid End prev year Pct Move
Japan yen 107.60 105.28 -2.16
Sing dlr 1.2679 1.2632 -0.37
Taiwan dlr 30.420 29.950 -1.55
Korean won 1074.65 1055.40 -1.79
Baht 32.35 32.86 +1.58
Peso 44.63 44.40 -0.52
Rupiah 12165.00 12160.00 -0.04
Rupee 60.92 61.80 +1.45
Ringgit 3.2335 3.2755 +1.30
Yuan 6.1318 6.0539 -1.27
(Reporting by Jongwoo Cheon; Editing by Subhranshu Sahu)
