Economics
Rupiah Leads Weekly Losses in Asian Currencies on Slowing Growth
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Asian currencies fell this week as a deepening global economic slowdown curbed risk-taking and hurt demand for the region’s assets.
Indonesia’s rupiah was set for the worst week in a month after the government failed to raise its target amount for a fifth straight auction of Islamic bonds. Data released yesterday showed South Korea’s second-quarter economic growth was the least in almost three years, and the Bank of Thailand cut its 2012 growth forecast to 5.7 percent from 6 percent on July 25. The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s currencies, pared losses after European Central Bank President Mario Draghi pledged to preserve the euro.