Asian Currencies Rise to 7-Month High as Growth Outlook Improves
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Asian currencies rose to a seven-month high as U.S. jobs data that beat economists’ estimates eased concern about a global slowdown and buoyed demand for emerging-market assets.
India’s rupee led gains with its fifth weekly advance, the longest winning streak since February, while South Korea’s won reached an 11-month high. Data released Oct. 3 showed American employers added 162,000 jobs last month, topping the median forecast of 140,000 in a Bloomberg survey. The European Central Bank held its benchmark interest rate at a record-low 0.75 percent on Oct. 4 and reiterated its readiness to buy bonds to ease the debt crisis.