Asian Currencies Slump This Week as Global Slowdown Signs Mount
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South Korea’s won and the Indian rupee led declines in Asian currencies this week as investors sought the relative safety of the dollar as economic reports fanned concern the global recovery is losing momentum.
The won dropped the most in nine weeks and the rupee was set for its biggest drop since May. The Federal Reserve this week said the U.S. recovery is likely to be “more modest” than anticipated, while China and India reported the smallest gains in industrial output in about a year. The Dollar Index rallied, headed for its first weekly advance in more than two months.