* Most Asian currencies fall * Indonesian rupiah hits lowest in more than nine months * Markets in China re-open after week-long holiday By John Biju Oct 9 (Reuters) - Most Asian emerging market currencies retreated on Monday, as the dollar strengthened on uncertainty over weekend conflict in the Middle East that pushed up oil prices while strong U.S. jobs boosted prospects for interest rates to stay higher for longer. The currencies of net oil importers Indonesia and Thailand fell 0.7% and 0.4% respectively. The rupiah hit its lowest since late December while the baht was heading for its worst day in a week. Investors were risk-averse after Israel pounded the Palestinian enclave of Gaza on Sunday, killing hundreds as it retaliated for one of the bloodiest attacks in its history after Islamist group Hamas killed 700 Israelis and abducted dozens. Rather than markets being roiled by war risks, however, the price action suggests more measured oil consequences seeping in, Vishnu Varathan, head of Asia economics and strategy at Mizuho Bank wrote in a note. "A slightly stronger U.S. dollar open concedes to underlying precaution with regard to the Israel-Hamas war, but not outright panic," he added. The political uncertainty has pushed up oil prices more than $4 a barrel, creating additional inflationary pressure for key importers such as India, Indonesia and Thailand. Thailand's baht has been already under pressure recently because of the policies of the new government, which has raised concern about a widening fiscal deficit from higher spending. Friday's strong U.S. employment report blew past expectations, increasing by the most in eight months in September, adding to the case that the Federal Reserve might have to raise interest rates again. "Overall, on a relative basis, the United States still looks much more resilient than the rest of the world at this moment," said Michael Wan, senior currency analyst at MUFG Bank. "With U.S. yields still elevated and Asian exports not rising strong, this adds further to U.S. dollar strength and potential weakness in Asian currencies in the near term." The South Korean won depreciated 0.6%, on track for its worst day since Sept 26. The Singapore dollar and Malaysian ringgit retreated 0.2% each, while the Philippine peso depreciated 0.3%. Bucking the trend, the Chinese yuan advanced 0.2% after opening from a week-long holiday. Chinese shares slid 0.7%. Equities were mixed, with benchmark indexes in Thailand and Singapore falling 0.9% and 0.2% respectively, as equities in Kuala Lumpur and Jakarta jumped 0.2% each. Markets now await a monetary policy decision from the Singapore central bank and inflation data from India and China later in the week. HIGHLIGHTS: ** Thai 10-year benchmark yields rise 1 basis point to 3.37% ** Israeli shekel falls to almost 8-year low ** Japan likely won't intervene to reverse yen downtrend - ex-top FX diplomat Asia stock indexes and currencies at 0331 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD % X S S YTD % DAILY % % Japan +0.10 -12.1 <.N2 -0.26 18.78 1 25> ChinaEC> India +0.03 -0.60 <.NS 0.00 8.55 EI> Indones -0.38 -0.64 <.JK 0.24 0.80 ia SE> Malaysi -0.21 -6.78 <.KL 0.16 -5.10 a SE> Philipp -0.31 -2.08 <.PS -0.15 -4.81 ines I> S.Korea -0.55 -6.74 <.KS 0.21 7.71 11> Singapo -0.19 -2.03 <.ST -0.18 -2.54 re I> Taiwan - -4.65 <.TW - 16.85 II> Thailan -0.66 -6.83 <.SE -0.90 -14.5 d TI> 7 (Reporting by John Biju in Bengaluru; Editing by Clarence Fernandez)
Delayed OTC Data Services 10:32:08 2024-04-26 pm EDT | 5-day change | 1st Jan Change | ||
83.53 USD | 0.00% | +1.68% | +17.17% |
Stocks mentioned in the article
Price
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Change
|
5d. change
|
Capi.
| ||
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2,686 PTS | +0.86% | +0.34% | - | ||
1,376 KRW | +0.41% | -0.09% | - | ||
1,007 KRW | 0.00% | +0.64% | - | ||
899.3 KRW | +0.57% | +1.68% | - | ||
690.6 USD | +1.81% | -2.01% | - | ||
88.07 USD | +0.10% | +1.75% | - | ||
83.53 USD | 0.00% | +1.68% | - | ||
39.53 THB | -0.35% | +0.99% | - | ||
36.99 THB | -0.05% | +0.51% | - | ||
24.17 PTS | +0.14% | +2.22% | - | ||
16.51 KRW | 0.00% | +0.07% | - | ||
7.267 CNH | 0.00% | +0.23% | - | ||
7.246 CNY | +0.10% | +0.11% | - | ||
1.701 SGD | +0.09% | +0.45% | - | ||
1.457 SGD | +0.02% | +0.46% | - | ||
1.362 SGD | 0.00% | +0.08% | - | ||
1.249 USD | -0.12% | +0.47% | - | ||
1.069 USD | -0.32% | +0.46% | - | ||
0.731 USD | 0.00% | +0.56% | - | ||
0.5938 USD | 0.00% | +0.88% | - | ||
0.0163 SGD | 0.00% | 0.00% | - | ||
0.012 USD | 0.00% | 0.00% | - | ||
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