TM:Rupee leads Asia FX gains as India inflation eases
SINGAPORE, May 15 — The Indian rupee hit a near 10-month high today after inflation eased, leading gains among emerging Asian currencies, but it pared gains as the central bank was seen intervening.
The rupee rose as much as 0.8 per cent to 59.21 per dollar, its strongest since July 29.
India’s wholesale price-based inflation in April slowed to a two-month low of 5.20 per cent, well below a forecast of 5.73 per cent in a Reuters poll.
The South Korean won rose on fund inflows to the country’s stocks and bonds. Foreign exchange authorities were spotted buying dollars to stem the won’s appreciation, but official bids were not strong, traders said.
The Taiwan dollar edged up on inflows from foreign financial institutions. However, the Philippine peso fell as investors took profits from its recent gains amid caution over possible intervention by the central bank. — Reuters
