Asian Currencies Gain in Week on Recovery Optimism; Rupee Drops
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South Korea’s won led a weekly advance in Asian currencies as signs of an improvement in the global economy brightened the outlook for the region’s exports and spurred demand for emerging-market assets.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s most-active currencies, rose 0.1 percent and on Oct. 18 touched its highest level since February. The won strengthened the most this month and the yuan had an 11th weekly gain, the longest winning streak since March 2008. India’s rupee fell for a second week as the government announced a pickup in inflation. Hong Kong’s dollar touched the strong end of its permitted trading range, triggering intervention to maintain the peg.