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Short positions on most Asian currencies drop; dollar momentum seen waning: Reuters poll

Oct 18 2018

Short positions on most Asian currencies were seen unwinding over the past two weeks, a Reuters poll showed on Thursday, with traders turning skeptical of the dollar's bull run after U.S. retail sales data came in below expectations.

EM ASIA FX-Asian units move only marginally at the end of a tough week

Oct 05 2018

* EM Asia trades in tight range ahead of U.S. payroll data * Indonesian rupiah, South Korean won worst weekly performers * Indian rupee slightly up before c.bank rate decision (Adds details on baht, rupee, won; updates prices) By Ambar Warrick Oct 5 Most Asian currencies barely moved on Friday, remaining on track for large weekly losses as broad dollar strength and higher oil prices continued to batter emerging markets. Investors awaited U.S. payroll data, later in the day, that could give clues on whether the Federal Reserve could turn more hawkish. The Fed's 2018 hikes and statements have underpinned the dollar and driven money away from emerging Asian units in recent months. After emerging currencies "remained under the weather" on Thursday, investors are expected to stay "inherently on the long side with respect to the dollar ahead of the non-farm payrolls (data)", Singapore's OCBC Bank said on Friday. Getting hit particularly hard have been currencies from countries that import hefty volumes of oil, whose price has been rising. On Friday, the biggest loser was the Thai baht, which slid 0.7 percent against the dollar and was at its weakest in more than 3 weeks. While a solid outlook for the Thai economy has shielded the currency this year, it has recently come under pressure from higher oil prices and the emerging markets sell-off. For the week, the baht was down 1.6 percent, putting it on track for its biggest weekly loss since late June. The Indonesian rupiah traded slightly lower for the day. It was down nearly 2 percent for the week, heading for its biggest weekly loss in more than two years. To support the fragile currency, Indonesian authorities have made five rate hikes since mid-May and announced measures to curb imports to ease the country's current account deficit. The Indian rupee edged up slightly ahead of a rate decision from the Reserve Bank of India on Friday. The rupee has been hammered by higher oil prices, and is the worst performer in Asia this year. A Reuters poll expects the central bank to raise rates to protect the rupee. The currency was set to lose about 1.5 percent in its sixth straight weekly decline. The South Korean won, like the rupiah, was headed for a loss of about 2 percent this week. While South Korea's strong exports had kept the won steady, concerns about the country's close relation to China, particularly with regards to electronics exports have weighed on sentiment. The won was due to snap three weeks of gains. Chinese markets remained closed on Friday. They will reopen on Monday after a week-long holiday. ASIA FX POSITIONING Investors continued to bet that Asian currencies would weaken against the dollar, a Reuters poll showed, with bearish bets increasing for the rupee and rupiah. Short positions on the Philippine peso also piled up as the country's central bank struggles to tame stubbornly high inflation that undermines its GDP growth target. Inflation in September accelerated to the highest level in nearly a decade. Bearish bets on the Thai baht reduced slightly. The following table shows rates for Asian currencies against the dollar at 0509 GMT. CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 113.900 113.9 +0.00 Sing dlr 1.382 1.3807 -0.09 Taiwan dlr 30.838 30.792 -0.15 Korean won 1131.100 1129.9 -0.11 Baht 32.840 32.61 -0.70 Peso 54.270 54.32 +0.09 Rupiah 15180.000 15165 -0.10 Rupee 73.575 73.58 +0.00 Ringgit 4.145 4.145 +0.00 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 113.900 112.67 -1.08 Sing dlr 1.382 1.3373 -3.23 Taiwan dlr 30.838 29.848 -3.21 Korean won 1131.100 1070.50 -5.36 Baht 32.840 32.58 -0.79 Peso 54.270 49.93 -8.00 Rupiah 15180.000 13565 -10.64 Rupee 73.575 63.87 -13.19 Ringgit 4.145 4.0440 -2.44 Yuan 6.873 6.5069 -5.32 (Reporting by Ambar Warrick in Bengaluru; Editing by Richard Borsuk)

Asian currencies plunge as U.S. jobs data, Powell comments boost dollar

Oct 04 2018

Asian currencies fell on Thursday after robust U.S. economic figures and bullish comments from the Federal Reserve boosted the dollar, prompting sustained regional outflows.

EM ASIA FX-Rupee hits record low, Bank Indonesia supports rupiah as oil prices weigh

Oct 03 2018

* EM Asia trades flat on a dearth of cues * Indian rupee breaches 73 to the dollar * Further rupiah weakening spurs Central Bank intervention (Adds details on rupee, context, updates prices) By Ambar Warrick Oct 3 The Indian rupee opened at a record low on Wednesday and further weakening in Indonesia's embattled rupiah prompted central bank intervention as an overnight spike in oil prices weighed heavily on the currencies. The rupee and the rupiah are highly exposed to fluctuations in oil prices, because Indonesia and India import most of their oil requirements. Oil prices were steady after hitting a four-year high on Tuesday. The rupiah's drop prompted the Bank of Indonesia to intervene in the local currency market, deputy governor Dody Budi Waluyo told Reuters. The rupiah lost as much as 0.3 percent and stood at a more than 20-year low of 15,090. The rupee shed as much as 0.6 percent to the dollar and hit a record low of 73.390. A plunge in the rupee had also spurred mild central bank intervention last month. Indonesia's finance minister said on Tuesday that the economy was adjusting "quite well" to higher U.S. interest rates and the fall of the rupiah, asserting that many of its economic indicators were good. Most other Asian currencies traded in a tight range on Wednesday in the absence of major cues. Investors shied away from taking large positions ahead of crucial non-farm payroll data from the United States later this week, which is seen as foreshadowing the U.S. Federal Reserve's policy tightening measures. "There isn't really too much happening that's pushing volatility. There may be some concerns as to trade war impacts on Asia. We're still in a period of consolidation this week ahead of the non-farm payrolls," said Chang, Wei Liang, FX strategist at Mizuho Bank. The Singapore dollar inched lower against the dollar. The currency is a stalwart for investors in times of volatility, and as such has held most of its value, unlike some of its peers. A Reuters poll of economists found that the Singapore Monetary Authority is seen as likely to tighten policy again in October, albeit modestly, as policy makers worry about fallout from Sino-U.S. trade tensions. Such a tightening is expected to benefit the Singapore dollar. The Taiwan dollar was largely flat, while the Thai baht and the Philippine peso edged up. Chinese markets have been closed all week for national holidays. South Korea's markets were also closed on Wednesday. The following table shows rates for Asian currencies against the dollar at 0438 GMT: CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 113.650 113.66 +0.01 Sing dlr 1.374 1.3729 -0.07 Taiwan dlr 30.667 30.668 0.00 Baht 32.330 32.36 +0.09 Peso 54.200 54.25 +0.09 Rupiah 15070.000 15040 -0.20 Rupee 73.360 72.91 -0.61 Ringgit 4.137 4.14 +0.07 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 113.650 112.67 -0.86 Sing dlr 1.374 1.3373 -2.66 Taiwan dlr 30.667 29.848 -2.67 Korean won 1119.200 1070.50 -4.35 Baht 32.330 32.58 +0.77 Peso 54.200 49.93 -7.88 Rupiah 15070.000 13565 -9.99 Rupee 73.360 63.87 -12.94 Ringgit 4.137 4.0440 -2.25 Yuan 6.873 6.5069 -5.32 (Reporting by Ambar Warrick in Bengaluru)

EM ASIA FX-Asian units fall, rupiah at its weakest level since 1998

Oct 02 2018

* Indonesian rupiah breaches 15,000 to the dollar level * Thai baht, up the past three days, also slips * Dollar may keep upper hand in Asia - OCBC (Adds details on rupiah, context, updated prices) By Ambar Warrick Oct 2 The Indonesian rupiah fell to its weakest in more than 20 years and other emerging Asian currencies also slid on Tuesday as the dollar held its overnight gains rooted in the striking of a revised North American trade pact. Appetite for the dollar was underpinned by U.S. Treasury yields, which rose modestly on Monday. "The greenback may continue to hold the upper hand in Asia despite the apparent pick up in global risk appetite levels, with crude also continuing to climb," OCBC said in a note. The Singapore bank said net portfolio flows showed "moderating inflow momentum" for the South Korean won, Taiwan dollar and Thai baht, while outflow momentum for the currencies of India, Indonesia and the Philippines continued. The rupiah plunged nearly 0.8 percent to 15,021 to the dollar, breaching the 15,000 level for the first time since 1998 and suffering the biggest decline among regional currencies. The Thai baht, which strengthened the past three sessions, lost about 0.37 percent against the dollar. The currency is best performer among peers this year, The won was about 0.5 percent weaker, while the Taiwan dollar shed 0.16 percent. The Philippine peso lost about 0.18 percent. The Sri Lankan rupee, which fell nearly 5 percent in September, hovered around a record low after the central bank surprised markets by leaving its key rates unchanged. Chinese markets are closed until next week, while Indian markets were also shut on Tuesday, for a holiday. INDONESIAN RUPIAH In breaching 15,000, the rupiah reached levels last seen in the Asian financial crisis. A falling rupiah has prompted government and central bank moves to stabilise the currency, including steady policy tightening as well as attempts to curb imports. A drop in risk appetite, as well as fears over a global trade spat have weighed on the rupiah. "I think its more of a sentiment issue," said Taye Shim, head of research at Mirae Asset Sekuritas in Indonesia, citing global uncertainties and factors. "It's beyond Indonesia's control to manage those kind of uncertainties, and all they can do is to counter these measures internally." The rupiah has weakened nearly 10 percent against the dollar this year. The following table shows rates for Asian currencies against the dollar at 0553 GMT. CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 113.810 113.91 +0.09 Sing dlr 1.375 1.3715 -0.27 Taiwan dlr 30.605 30.556 -0.16 Korean won 1117.600 1111.8 -0.52 Baht 32.350 32.23 -0.37 Peso 54.260 54.144 -0.21 Rupiah 15020.000 14905 -0.77 Ringgit 4.140 4.138 -0.05 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 113.810 112.67 -1.00 Sing dlr 1.375 1.3373 -2.76 Taiwan dlr 30.605 29.848 -2.47 Korean won 1117.600 1070.50 -4.21 Baht 32.350 32.58 +0.71 Peso 54.260 49.93 -7.98 Rupiah 15020.000 13565 -9.69 Rupee 72.910 63.87 -12.40 Ringgit 4.140 4.0440 -2.32 Yuan 6.873 6.5069 -5.32 (Reporting by Ambar Warrick in Bengaluru; Additional reporting by Niyati Shetty; Editing by Richard Borsuk)

Australia's competition watchdog opens inquiry into forex services

Oct 02 2018

The Australian Competition and Consumer Commission (ACCC) said on Tuesday it had opened an inquiry into price competition among suppliers of foreign currency conversion services and would investigate the ability of potential entrants to compete.

EM ASIA FX-Most Asian units slip, but baht hits 3-1/2 month high

Oct 01 2018

* Most currencies fall on dollar strength, China data * Thai baht gains as much as 0.4 percent * Indian rupee hurt by higher oil prices (Adds context on baht, rupee and dollar) By Ambar Warrick Oct 1 The Thai baht strengthened to a 3-1/2 month high on Monday after September's higher-than-expected inflation rate led some traders to expect higher interest rates eventually, while most other Asian units fell against the U.S. dollar. Thailand's headline consumer price index rose 1.33 percent from a year earlier, slightly above the 1.3 percent seen in a Reuters poll. The Bank of Thailand (BOT) has not changed its key lending rate since 2015, but there have been signs that the country will later join others in Asia in following the U.S. Federal Reserve and tightening monetary policy. Qi Gao, FX strategist with Scotiabank, said the prospect of future Thai tightening supported the baht, although a rate hike was not expected in the near term. The baht gained as much as 0.4 percent, reaching 32.20 to the dollar. Regional units started the quarter on a subdued note as general resilience for the U.S. dollar, coupled with weaker Chinese manufacturing data, weighed on Asian sentiment. Growth in China's manufacturing sector sputtered in September as both external and domestic demand weakened, two surveys showed, implying that its trade spat with the United States may be taking a heavier toll on its economy than expected. Scotiabank's Gao said market participants were awaiting U.S. payroll data later in the week that should help indicate the dollar's direction. The dollar was slightly higher after the United States and Canada reached a framework deal to update the North American Free Trade Agreement on Monday. The currency gained nearly 1 percent over the past week. The Indian rupee shed nearly 0.5 percent to the dollar. Higher oil prices have battered the rupee, as the country imports a bulk of its crude oil needs. The Reserve Bank of India (RBI) is likely to raise interest rates on Oct. 5 to prop up the rupee, according to a Reuters poll of economists who also trimmed their near-term economic growth forecasts. The Philippine and Indonesian central banks had hiked their key rates last week. The peso, rupiah and the rupee are the worst performing currencies in Asia this year. The Philippine peso fell about 0.2 percent to the dollar for the day. China's markets are closed for the week, for holidays, so the yuan did not trade. The following table shows rates for Asian currencies against the dollar at 0443 GMT. CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 113.860 113.68 -0.16 Sing dlr 1.371 1.3663 -0.31 Taiwan dlr 30.516 30.551 +0.11 Korean won 1111.000 1109.3 -0.15 Baht 32.230 32.33 +0.31 Peso 54.075 53.965 -0.20 Rupiah 14900.000 14900 +0.00 Rupee 72.815 72.48 -0.46 Ringgit 4.141 4.137 -0.10 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 113.860 112.67 -1.05 Sing dlr 1.371 1.3373 -2.42 Taiwan dlr 30.516 29.848 -2.19 Korean won 1111.000 1070.50 -3.65 Baht 32.230 32.58 +1.09 Peso 54.075 49.93 -7.67 Rupiah 14900.000 13565 -8.96 Rupee 72.815 63.87 -12.28 Ringgit 4.141 4.0440 -2.34 Yuan 6.873 6.5069 -5.32 (Reporting by Ambar Warrick in Bengaluru)

EM ASIA FX-Asian currencies flat in cautious trade, set for weekly losses

Sep 07 2018

* Asian currencies set to lose for the week * Chinese yuan, stocks pressured as tariffs loom * Indian rupee, Indonesian rupiah worst weekly performers (Adds detail on rupee, yuan and updates prices) By Ambar Warrick Sept 7 Asian currencies were set to end lower after a tumultuous week, while the prospect of additional U.S. tariffs on Chinese goods kept trading muted on Friday. Following the expiry of the public comment period for threatened tariffs on $200 billion in Chinese goods, the Trump administration could begin to impose the tariffs at any moment, although how long actual implementation would take is not yet known. China has vowed to retaliate in kind. Market participants were also awaiting jobs data from the United States later in the day for further clues to U.S. monetary policy. An uptick in the dollar, fuelled by safe-haven seeking participants, has weighed on regional currencies. The greenback traded sideways for the day. "Asia ex Japan currencies are weak on two fronts. The three Asian currencies with current account and fiscal deficits- Indian rupee, the Indonesian rupiah and the Philippine peso remain sensitive to rising U.S. rates and emerging market stress, especially the Turkish lira and the Argentinian peso," DBS said in a research note. A selloff in emerging markets, prompted by economic crises in Argentina and Turkey, as well as recession in South Africa, had battered Asian units through the week. The Indian rupee and the Indonesian rupiah were the worst afflicted, and were set to lose more than 1 percent each for the week. The Indian rupee strengthened against the dollar on Friday after the central bank likely intervened in order to stabilise the falling currency, dealers said. The currency is the worst performer amongst its peers this year, and has ended at record lows for the past seven sessions. The Chinese yuan led losses among its Asian peers, even after a stronger mid-point fixing by the People's Bank of China. Chinese shares were also lower as concerns over trade tariffs weighed. The yuan was set to lose about 0.16 percent for the week. ASIA FX POSITIONING Bearish bets on the Indian rupee and the Indonesian rupiah reached multi-year highs over the last two weeks, a Reuters poll showed. Worries over economic fundamentals in the two countries, particularly their fiscal and current account deficits, have prompted large outflows this year. Bearish bets on the Philippine peso also rose. The Philippines also has a current and fiscal account deficit, which has prompted outflows. Bearish bets on the Singapore dollar remained largely unchanged, while those in the Chinese yuan decreased marginally. The following table shows rates for Asian currencies against the dollar at 0457 GMT. CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 110.570 110.74 +0.15 Sing dlr 1.374 1.3740 -0.03 Taiwan dlr 30.773 30.802 +0.09 Korean won 1123.300 1124 +0.06 Baht 32.790 32.79 +0.00 Peso 53.952 53.971 +0.04 Rupiah 14890.000 14885 -0.03 Rupee 71.740 71.99 +0.34 Ringgit 4.143 4.143 +0.00 Yuan 6.842 6.8267 -0.22 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 110.570 112.67 +1.90 Sing dlr 1.374 1.3373 -2.70 Taiwan dlr 30.773 29.848 -3.01 Korean won 1123.300 1070.50 -4.70 Baht 32.790 32.58 -0.64 Peso 53.952 49.93 -7.45 Rupiah 14890.000 13565 -8.90 Rupee 71.740 63.87 -10.97 Ringgit 4.143 4.0440 -2.39 Yuan 6.842 6.5069 -4.89 (Reporting by Ambar Warrick in Bengaluru; Editing by Eric Meijer)

EM ASIA FX-Asian currencies get rare respite as dollar eases; eyes on US tariff plans

Sep 06 2018

* Indian rupee rangebound after 6 straight record lows * Indonesian rupiah firms slightly * Chinese yuan weaker as tariffs in focus (Adds text, updates prices) By Ambar Warrick Sept 6 A softer U.S. dollar gave most Asian currencies some much-needed breathing space on Thursday, but fears of contagion from Argentina and other emerging markets kept investors on edge. Traders were also bracing for more sweeping U.S. tariffs on Chinese goods that are expected to be announced soon. President Donald Trump said on Wednesday that his administration was not yet ready to make a trade deal with Beijing. Emerging market assets in Asia have come under heavy selling pressure from a combination of country-specific problems and global factors, including the escalating U.S.-Sino trade war, a firmer dollar and a string of market meltdowns from Turkey to Argentina and most recently South Africa. An overnight drop in the U.S. dollar, coupled with a slight uptick in the Argentinean peso, offered a rare respite for Asian units on Thursday, though most traders do not expect it will last. "The onslaught of a strong dollar and sell-off in emerging market (EM) currencies, led by the Argentine peso and Turkish lira, have paused; with some signs of buy-back. But this pause should not be mistaken as a turning point because there is no sight of a panacea for the underlying chills about EM just yet," Mizhuo Bank's Vishnu Varathan said in a research note. The Indonesian rupiah inched up but remained near the key 15,000 level against the dollar. The Indonesian central bank had intervened to calm forex and bond markets on Wednesday. The Philippine peso rose about 0.19 percent to the dollar. The peso has lost nearly 7 percent this year due to extended outflows from the Philippines, particularly on worries of overheating inflation. Recent dollar strength has also weighed on the currency. Philippine stocks were more than 2 percent lower. The Chinese yuan fell about 0.14 percent as investors faced the possibility of fresh U.S tariffs on another $200 billion of Chinese goods. A public comment period for the proposed tariffs ends later in the day. The Indian rupee was 0.20 percent weaker to the dollar, and hovered above the key psychological level of 72 per dollar. Dealers believe the central bank intervened for a second straight day on Thursday. The rupee has touched a record low for the past 6 sessions. INDONESIAN RUPIAH AND INDIAN RUPEE The rupee and the rupiah are the worst performing Asian currencies this year, losing about 11 percent and 9 percent, respectively. "Globally escalating crude oil prices and the fears of an impending trade war have been chief determinants for the decline in the rupee," said Mahesh Singhi, founder and managing director at Singhi Advisors. "As the government has no control over external factors, the rupee will have to seek its own stabilization course and there is little the RBI can do to rein in the downfall of the rupee," Both countries face fiscal and current account deficits, which bodes poorly for their respective currencies. They also import large quantities of oil, which leaves their currencies exposed to any uptick in prices. The Indonesian government said on Wednesday it will raise import taxes on more than 1,000 goods as part of measures to reduce imports and support the rupiah. The following table shows rates for Asian currencies against the dollar at 0553 GMT. CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 111.370 111.52 +0.13 Sing dlr 1.378 1.3754 -0.17 Taiwan dlr 30.792 30.806 +0.05 Korean won 1123.700 1121.5 -0.20 Baht 32.830 32.795 -0.11 Peso 53.550 53.651 +0.19 Rupiah 14900.000 14930 +0.20 Rupee 71.895 71.75 -0.20 Ringgit 4.146 4.146 +0.00 Yuan 6.837 6.8281 -0.14 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 111.370 112.67 +1.17 Sing dlr 1.378 1.3373 -2.93 Taiwan dlr 30.792 29.848 -3.07 Korean won 1123.700 1070.50 -4.73 Baht 32.830 32.58 -0.76 Peso 53.550 49.93 -6.76 Rupiah 14900.000 13565 -8.96 Rupee 71.895 63.87 -11.16 Ringgit 4.146 4.0440 -2.46 Yuan 6.837 6.5069 -4.83 (Reporting by Ambar Warrick in Bengaluru; Editing by Kim Coghill)

EM ASIA FX-Asian currencies drop; Indonesia, India cbanks intervene

Sep 05 2018

* Rupiah sees 'decisive' central bank intervention * India c.bank appears to intervene to help rupee - traders * Philippine peso rises after inflation at 9-year high (Adds details on stock markets, capital outflows, updates numbers) By Ambar Warrick Sept 5 Most Asian currencies weakened on Wednesday as fears of contagion from Argentina and other emerging markets buffeted the region, although suspected central bank intervention put a floor under the Indonesian rupiah and the Indian rupee. Stock markets fell across the region and the safe-haven dollar hovered near a two-week high as heightened worries over international trade conflicts and emerging market weakness curbed investors' appetite for riskier assets. Risk appetite for emerging market assets was further soured after South Africa's economy fell into recession, joining Turkey and Argentina. The Turkish lira and Argentinean peso extended losses. Indonesian stocks fell as much as 4.8 percent -- their biggest one-day loss in at least five years-- while Philippine stocks sank more than 2 percent at one point. Investors were also wary about the prospect of fresh U.S tariffs on another $200 billion of Chinese goods that could be unveiled after a public comment period on such a proposal ends on Thursday. Market participants also awaited key U.S. payroll data later in the week. "At this point there's still further pressure on emerging markets generally, and markets are awaiting two key events- one is the U.S. payrolls numbers and secondly whether or not the U.S. will announce the tariffs when the consultation period ends," said Khoon Goh, ANZ's Singapore-based head of Asia research. The Philippine peso, which has fallen against the dollar the past five days, rose about 0.12 percent, in contrast to the country's stocks. The annual inflation rate quickened at its fastest in more than nine years in August, implying that a fourth interest rate hike by the Philippine central bank may be on the cards. The country has been struggling to contain inflation, as well as a large current account deficit. The Malaysian ringgit fell 0.14 percent to the dollar and touched its lowest level since November 2017 as the central bank held its benchmark interest rate steady at a meeting on Wednesday, as expected. Malaysian exports grew more than expected in July on higher shipments to China and increased demand for manufactured goods. INDONESIAN RUPIAH The Indonesian rupiah hovered around levels last seen during the Asian financial crisis two decades ago. The central bank said it had "decisively intervened" in the foreign exchange and bond markets on Wednesday to curb volatility. Thanks to the intervention, "we have a stable rupiah today, but on the other side the demand for hedging is up, and there is already increased activity in the non-deliverable forwards (NDF) market," said Fakhrul Fulvian, chief economist at Trimegah Securities. "It indicates that rupiah depreciation is likely to continue." The rupiah has lost more around 1 percent over the past three days, after shedding more than 2 percent in August. Indonesian President Joko Widodo said on Wednesday that a priority was to increase investment and exports to contain the current account deficit, which has dragged on the currency. The government also promised strict action against currency speculators, and announced plans to delay import-heavy energy projects in a bid to push up the rupiah. At 0604 GMT, one-year rupiah NDFs were quoted at 16,251 per dollar, 8.9 percent weaker than the spot level. The Indonesian equities market has seen outflows of $3.68 billion so far this year as of Sept. 4. Indonesia saw net outflows of $2.96 billion in 2017, according to stock exchange data. INDIAN RUPEE The Indian rupee fell 0.49 percent to the dollar. The Reserve Bank of India likely sold dollars at 71.80 rupees in the local spot forex market to stem the sharp fall, two traders told Reuters. The following table shows rates for Asian currencies against the dollar at 0723 GMT. CURRENCIES VS U.S. DOLLAR Change on the day Currency Latest bid Previous day Pct Move Japan yen 111.410 111.44 +0.03 Sing dlr 1.381 1.3759 -0.33 Taiwan dlr 30.780 30.766 -0.05 Korean won 1121.500 1114.9 -0.59 Baht 32.860 32.79 -0.21 Peso 53.547 53.61 +0.12 Rupiah 14926.000 14930 +0.03 Rupee 71.930 71.58 -0.49 Ringgit 4.143 4.137 -0.14 Yuan 6.841 6.8450 +0.06 Change so far in 2018 Currency Latest bid End 2017 Pct Move Japan yen 111.410 112.67 +1.13 Sing dlr 1.381 1.3373 -3.13 Taiwan dlr 30.780 29.848 -3.03 Korean won 1121.500 1070.50 -4.55 Baht 32.860 32.58 -0.85 Peso 53.547 49.93 -6.75 Rupiah 14926.000 13565 -9.12 Rupee 71.930 63.87 -11.21 Ringgit 4.143 4.0440 -2.39 Yuan 6.841 6.5069 -4.88 (Reporting by Ambar Warrick in Bengaluru; Editing by Richard Borsuk and Kim Coghill)

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