Asian currencies strengthened, paring weekly declines, after a government report showed jobless claims in the U.S. fell to the lowest level since 2008, buoying the region’s export outlook. South Korea’s won and the Philippine peso led gains as the Bloomberg-JPMorgan Asia Dollar Index rose 0.2 percent today, trimming its weekly drop to 0.6 percent. The number of applications for unemployment payments in the U.S. dropped to 366,000 in the week ended Dec. 10, lower than was forecast by any of 47 economists surveyed by Bloomberg. Fitch Ratings upgraded Indonesia’s creditworthiness to BBB-, the first time in 14 years the country has had an investment-grade rating. “The U.S data supported some risk-taking sentiment today, but we’re still walking on thin ice as bad news from Europe may come out anytime,� said Lee Jung Hyun, a Seoul-based currency dealer at the Industrial Bank of Korea. The won strengthened 0.6 percent to 1,156.25 per dollar as of 12:05 p.m. in Seoul, trimming its weekly drop to 0.8 percent, according to data compiled by Bloomberg. The peso rose 0.5 percent to 43.905, paring this week’s loss to 0.6 percent. China’s yuan climbed 0.39 percent to 6,3485 and was up 0.26 percent for the week. Indonesia’s rupiah gained 0.2 percent to 9,070 and rose 0.1 percent for the week. The MSCI Asia-Pacific Index (MXAP) of stocks gained 0.4 percent today, paring its weekly decline to 2.7 percent. Christine Lagarde, the managing director of the International Monetary Fund, said yesterday Europe’s debt crisis is growing to the point where it won’t be solved by one group of countries. China Easing Curbs The rupiah advanced as much as 0.9 percent earlier, touching a one-week high, after the upgrade, which was announced late yesterday local time. “The country will now attract a broader range of investors, giving the government and corporates more funding sources,� said Enrico Tanuwidjaja, a currency strategist at Malayan Banking Bhd. in Singapore. It should make the rupiah stronger, he said. The yuan strengthened the most in two months as signs credit curbs are easing bolstered optimism policy makers will avoid a sharp slowdown in the world’s second-largest economy. The People’s Bank of China set its daily reference rate 0.1 percent stronger at 6.3352 per dollar, after fixing it weaker for three days. “The fixing was firmer and at market open there was solid dollar offer interest, in particular by Chinese banks,� said Dariusz Kowalczyk, a Hong Kong-based senior strategist at Credit Agricole CIB. “Improved sentiment in global markets is helping as is news that China is easing curbs in the property sector which will limit downside risks to growth.� Elsewhere, Malaysia’s ringgit advanced 0.4 percent today to 3.1780 per dollar, according to data compiled by Bloomberg. It was down 0.8 percent for the week. Taiwan’s dollar climbed 0.1 percent to NT$30.331 and dropped 0.3 percent this week. Thailand’s baht was little changed today at 31.35 and declined 1.3 percent this week. India’s rupee fell 3 percent this week to 53.6450 at yesterday’s close in Mumbai. To contact the reporter on this story: Jiyeun Lee in Seoul at jlee1029@bloomberg.net; To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net Want to save this for later? Add it to your Queue!

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