Asian Currencies Advance After U.S. Retail Data Beats Estimates
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Asian currencies strengthened, led by India’s rupee and Malaysia’s ringgit, as retail sales data from the U.S. that beat economists’ estimates supported demand for riskier assets.
Advanced retail sales in the world’s largest economy rose 1.1 percent last month, compared with the 0.8 percent increase forecast in a Bloomberg survey, a report showed yesterday. The MSCI Asia Pacific Index of shares gained the most in more than two weeks ahead of a two-day European Union summit to tackle the region’s debt crisis starting Oct. 18. Chinese exports increased by the most in three months in September, data showed Oct. 13.