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Most Asian currencies rise as the dollar declines, Singapore hits a 3-week high

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Most of the Asian currencies gained on Thursday,

after the US dollar crash, with the Singapore dollar hitting

a maximum of three weeks after your central bank unexpectedly adjusted

his politics.

The South Korean won and the Thai baht are among the top

percentage winners in the region, strengthening around half of a

percent each.

The Singapore dollar reaffirmed as much as 0.3% to touch its

highest since September 24, after the Monetary Authority of

Singapore tightened its policy for the first time since October

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2018, as the threat of inflation outweighed the growth risks posed by

the coronavirus.

Among stocks, Indonesia jumped 1.4% to climb

at the two-year level, the Philippines advanced more than 1%

after two days in a row of losses. Nifty 50 from India

scaled a new peak with tech stocks driving earnings.

The US dollar index hit its lowest level this week at

93,987 against major pairs on Thursday taking a breather from a

rally that had raised it to a one-year high fueled by

expectations of faster increases in interest rates from the Federal Reserve.

“The publication of the Fed’s minutes has reaffirmed the expectations

that the reduction can start towards the end of the year in ‘either

mid-November or mid-December, ”said Yeap Jun Rong, a market

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IG strategist.

In Asia, South Korea gained 0.6% and scored

his best day since the end of August, after the finance minister said

the government was willing to implement measures to stabilize

currency markets if necessary. The won has lost more than 5% since

July.

“While the recovery so far has not reached the levels

consistent with the earlier restoration of the slope of the Singapore dollar, a

against the backdrop of rising inflation risks in the coming quarters, along with

adequate recovery, encourage preventive normalization “,

Mizuho Bank analysts said in a note.

Among other currencies, the Thai baht added 0.5% to

scale a maximum of three weeks.

The Indonesian rupiah hit a high five months later

the holiday island of Bali reopened to foreign tourists after 18

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months of a pandemic hiatus.

The country, the largest economy in Southeast Asia and a thermal

exporter of coal, it is likely to have registered growth in September

exports supported by high commodity prices, while the trade surplus

a reduction is seen due to increased imports, a Reuters poll showed.

Meanwhile, the Chinese yuan fell from almost

Maximum of four months after the central bank posted the currency journal.

Fixing weaker than expected, with high producer inflation

the September reading adds to the political anxiety.

HIGHLIGHT:

** Indonesian 10-year benchmark yields are down 5.5 basis points.

up to 6.291%

** Inflation at China’s factory doors hits a record

September –

** The Thai economy bottomed out in the third quarter -c. Banking minutes –

Asia Stock Indices and

currencies at 0639 GMT

COUNTRY FX RIC FX FX INDE STOCK STOCK

DAILY YTD XSS YTD

%% DAILY%

%

Japan -0.27 -9.0 <.n2>

porcelain 1 CE>

India +0.09 -2.9 <.ns ei>

Indonesian +0.49 -0.7 <.jk ia se>

Malaysia +0.12 -3.2 <.cl a se>

Philipp -0.12 -5.1 <.ps ines i>

South Korea 8 11>

Singapore +0.18 -2.1 <.st re i>

Taiwan +0.09 +1.2 <.tw ii>

Thai +0.48 -9.7 <.se d ti>

(Reporting by Sameer Manekar in Bengaluru; Editing by Amy Caren

Daniel)

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