Asian Currencies Advance in Week on Fed Optimism; Dong Devalued
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Asian currencies advanced, snapping a two-week slump, on speculation the Federal Reserve will hold off from paring asset purchases after U.S. first-quarter growth trailed an earlier estimate.
The world’s largest economy expanded 1.8 percent in the first three months, less than a prior assessment of 2.4 percent, official data showed June 26. Fed Bank of New York President William C. Dudley said on June 27 the monthly debt-buying program, which has boosted dollar supply, could be prolonged should growth miss forecasts. India’s rupee rebounded from a record low of 60.7650 per dollar reached June 26 while Vietnam devalued its currency for the first time since 2011.