Rupee Leads Declines in Asian Currencies on Yen, Europe Concerns

Asian currencies fell for a third week amid concern the yen’s slump will trigger a currency war, and after the European Central Bank said the euro’s strength could hamper an economic recovery.

India’s rupee completed its worst week in 2013 after the government predicted the slowest economic growth in a decade. Taiwan’s dollar slid to a five-month low and South Korea’s won pared a weekly gain after the yen’s plunge to the weakest level since May 2010 fueled speculation policy makers will rein in exchange rates to support exports. ECB President Mario Draghi said the euro’s rally in January may slow growth and a Bank of Japan board member said this week more initiatives are needed to attain its goal of boosting inflation to 2 percent.