Asian Currencies Fall Most Since November as Europe Risks Mount

Asian currencies had the biggest weekly drop since November as concern Europe’s debt crisis will worsen spurred demand for dollars amid signs the U.S. and Chinese economies are losing momentum.

The Bloomberg-JPMorgan Asia Dollar Index fell 0.9 percent this week as global funds pulled about $1.9 billion from stocks in South Korea and Taiwan. The won and Malaysia’s ringgit saw their biggest losses since September, while India’s rupee sank to an all-time low. Greece’s credit rating was cut by Fitch Ratings May 17 on concern the country will leave the euro, while Moody’s Investors Service downgraded 16 Spanish banks and 26 Italian lenders this week.