Won Leads Gains in Asian Currencies on IMF Outlook; Rupee Falls

South Korea’s won led gains in Asian currencies after the International Monetary Fund raised its estimate for global economic growth and a successful bond auction in Spain tempered concern about Europe’s debt crisis.

The won rose for the first time in three days after the IMF predicted an expansion of 3.5 percent for this year in its World Economic Outlook published yesterday, up from a January projection of 3.3 percent. The MSCI Asia-Pacific Index of shares gained 1 percent after Spain sold more debt than planned at an auction and a report showed German investor confidence improved. India’s rupee fell, approaching a three-month low.