Asian Currencies Weaken on Concern Capital Controls Are Likely
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Asian currencies dropped, led by Singapore’s dollar, on concern policy makers around the region will unveil measures to curb inflows of funds to stem currency gains.
The Bloomberg-JPMorgan Asia Dollar Index fell to the lowest level in more than two weeks as growing concern over the stability of Ireland’s finances spurred demand for safer assets. Ireland’s cabinet hasn’t discussed seeking a rescue and the country has no immediate need for cash, Enterprise Minister Batt O’Keeffe said yesterday. Germany is pressing the nation to seek aid before a Nov. 16 meeting of European finance ministers to calm market volatility.