Asian Currencies in Longest Losing Streak Since January on Fed
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Asian currencies dropped for a third week, the longest run of losses since January, as the prospect of higher U.S. interest rates dimmed the appeal of emerging-market assets.
Indonesia’s rupiah and Malaysia’s ringgit led the declines after the Federal Reserve on Sept. 17 raised by 25 basis points its median estimate for where the federal funds rate will be by the end of 2015, while pledging to keep it near zero for a “considerable time.” Global funds pulled a combined $1 billion from stocks in Indonesia, South Korea, Taiwan, India and the Philippines this week. Scotland voted to stay in the U.K. in a referendum on independence.