Taiwan’s dollar led gains among Asian currencies as a pickup in U.S. homebuilding helped drive global stocks higher, encouraging fund managers to add to their holdings of emerging-market assets. The currency climbed to a one-month high versus the greenback as overseas investors bought more of the island’s equities than they sold for a sixth straight day. India’s rupee advanced on optimism fund inflows into local shares will be sustained. South Korea’s won, the world’s best-performing currency this month, fell on speculation importers were taking advantage of recent gains to pay bills. “The Taiwan dollar is still enjoying a strong recovery driven by the improving risk appetite,” said Dariusz Kowalczyk, chief investment strategist at SJS Markets Ltd. in Hong Kong. Taiwan’s dollar strengthened 0.4 percent to NT$34.156 against the U.S. currency as of 5:16 p.m. local time. It earlier reached NT$34.133, the strongest since Feb. 16. The rupee gained 0.2 percent to 51.34 in Mumbai and Singapore’s dollar rose 0.1 percent to S$1.5306. The Bank of Japan agreed to provide as much as 1 trillion yen ($10.1 billion) to replenish banks’ capital and U.S. housing starts unexpectedly climbed in February, snapping the longest run of declines in 18 years. The World Bank today said China’s economy shows “early signs” of stabilizing as state-led investment counters a slump in exports. The yen traded at 128.43 per euro after earlier reaching 128.83, the weakest level since Dec. 29, from 128.35 late in New York yesterday. Japan’s currency was at 98.71 against the dollar from 98.60 yesterday. Turning Optimistic The rupee has rebounded 1.4 percent since reaching an all- time low of 52.185 on March 3 as stock exchange data showed purchases of Indian equities by foreign funds exceeded sales last week for the first time in a month. The Mumbai Stock Exchange Sensitive Index was poised for its first close above 9,000 in almost a month and the MSCI Asia Pacific Index of shares climbed for a fourth day. “Money is coming back into markets worldwide as investors are turning slightly more optimistic about a global economic recovery,” said Sanjay Arya, Mumbai-based treasurer at state- owned Bank of Maharashtra. “The rupee could benefit as we see improvement in capital inflows.” India’s economy may expand between 5 percent and 7 percent in the next financial year, helped by fiscal stimulus packages, Abhijit Sen, a member of the Planning Commission, said in New Delhi today. There will be a need to extend spending plans when a new government is elected in May, he said. Import Payments South Korea’s won slid 0.9 percent to 1,421.50 per dollar in Seoul as companies sold the currency to pay for imports. The Korean currency fell the most in a week against the dollar, paring this month’s advance to 8.2 percent. The won rallied since the start of last week on signs global financial institutions are recovering from $1.2 trillion of credit losses. “The won’s recent strength is spurring a bout of importers’ settlements,” said Lee Young Chul, a currency dealer with Korea Exchange Bank in Seoul. Demand for the won rose earlier after Finance Minister Yoon Jeung Hyun said the government will continue to discuss additional spending with the ruling party to help create jobs. Policy makers have already announced plans to pump 51 trillion won ($36 billion) into the economy via tax cuts, handouts and infrastructure spending. Daily reported, citing officials it didn’t identify. The government and ruling party are working on an extra budget of between 27 trillion won and 29 trillion won, Lim Tae Hee, the policy chief of the Grand National Party, was cited as saying in a Seoul Economic Daily report. Elsewhere, Malaysia’s ringgit slid 0.2 percent to 3.6805 per dollar and Indonesia’s rupiah was little changed at 11,970, from 11,965 late yesterday. Thailand’s baht fell 0.1 percent to 35.83 and the Philippine peso declined 0.3 percent to 48.478. Vietnam’s dong was little changed at 17,484.

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