SINGAPORE: The Indian rupee led gains among emerging Asian currencies on Friday as opposition parties were set to sweep the country's elections, though profit-taking sent most other regional currencies slightly lower on the week.
The rupee hit an 11-month high as pro-business Hindu nationalist Narendra Modi will be the next prime minister after a landslide victory of his Bharatiya Janata Party and his allies.
The Indian currency later pared much of its earlier gains as investors focused on key tests and challenges facing Modi's new government, including the selection of a cabinet.
Still, the rupee rose 1.7 percent against the dollar so far this week, which would be the largest weekly appreciation since late March.
For the week, the Indonesian rupiah followed the rupiah with a 1.0 percent rise. The hugely popular Jakarta governor Joko "Jokowi" Widodo on Tuesday secured the support of Indonesia's second-largest political party, taking a step closer to the presidential palace.
Most other regional units eased for the week on profit-taking.
The Singapore dollar eased 0.3 percent, while the Malaysian ringgit dipped 0.2 percent.
The Philippine peso weakened 0.2 percent. The Taiwan dollar was down 0.1 percent.
The South Korean won ended the week firmer on sustained capital inflows and exporters' demand despite growing caution over possible intervention by the foreign exchange authorities.
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