Asian Currencies Rise This Week on Europe Summit, U.S. Data
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Asian currencies strengthened this week as European leaders agreed on measures to ease a regional debt crisis and data suggested the U.S. housing market is recovering from a slump.
The Bloomberg-JPMorgan Asia Dollar Index rose yesterday by the most since Oct. 27 after European Union President Herman Van Rompuy said bailout conditions tied to emergency loans for Spanish banks were relaxed and regional leaders are looking at ways to bring down yields on bonds issued by Spain and Italy. India’s rupee gained by the most in three years yesterday after Prime Minister Manmohan Singh said reviving investor confidence is one of his top priorities. The currency tumbled 8.6 percent against the dollar this quarter, leading declines in Asia.