Asian Currencies Weaken, Led by Rupee, After Weak U.S. Data
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India’s rupee and Malaysia’s ringgit led declines in Asian currencies on concern that a slump in U.S. manufacturing will deter risk-taking ahead of a European Central Bank policy meeting tomorrow.
The euro weakened against the dollar even after ECB President Mario Draghi said this week that the bank’s primary mandate compels it to intervene in bond markets to ensure the common currency’s survival. U.S. factory output shrank last month by the most since July 2009, a report showed yesterday.