Asian Currencies Rally on Speculation Exporters Repatriate Funds
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Asian currencies rebounded, led by India’s rupee, on speculation the region’s exporters took advantage of yesterday’s drop to repatriate earnings as the end of the month approaches.
The Bloomberg-JPMorgan Asia Dollar Index slid the most since Aug. 2 yesterday after German Chancellor Angela Merkel and French President Francois Hollande clashed over the weekend on a timetable to introduce joint oversight of Europe’s banks. Taiwan’s dollar advanced after data showed yesterday that factory output unexpectedly rose in August.