Asian Currencies Rise as G-7 Intervention Eases Flight to Yen
This article is for subscribers only.
Thailand’s baht and Indonesia’s rupiah gained the most this week among Asian currencies as the Group of Seven nations agreed to sell yen to calm currency markets roiled in the aftermath of Japan’s biggest earthquake.
The Bloomberg-JPMorgan Asia Dollar Index climbed for a second day yesterday, trimming a loss for the week to 0.3 percent. The gauge sank to a three-week low on March 16 as uncertainty caused by the temblor and ensuing tsunami and nuclear crisis sapped demand for emerging-market assets. The yen snapped a five-day rally yesterday that was fueled by speculation Japanese investors and companies were repatriating funds to cope with the disaster.