Economics
Asian Currencies Drop as Europe Debt Concern Deters Risk-Taking
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India’s rupee and Malaysia’s ringgit led losses in Asian currencies as demand for riskier assets slowed before European leaders meet this week on measures to prevent their region’s debt turmoil from deepening.
Asian stocks snapped a two-day gain as the World Bank said economic growth in developing East Asia, which excludes India and Japan, will drop to an estimated 11-year low. Europe’s finance ministers meet in Luxembourg today to discuss closer banking cooperation and German Chancellor Angela Merkel visits Greece tomorrow for the first time since the crisis began in 2009. On Oct. 10, Spanish Prime Minister Mariano Rajoy travels for talks with French President Francois Hollande in Paris.