Asian Currencies Fall on Europe’s Debt Woes, Risk for Growth
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Asian currencies fell this week, with Indonesia’s rupiah sliding the most since June 2009, as concern Europe’s debt crisis will worsen led investors to favor safer bets than emerging-market assets.
The Bloomberg-JPMorgan Asia Dollar Index touched a five-month low on Sept. 15 as global funds pulled more than $2 billion from equities in South Korea, Taiwan and Indonesia since the end of last week. The Asian Development Bank this week cut its 2011 growth forecast for the region excluding Japan to 7.5 percent, from an April estimate of 7.8 percent.