BENGALURU: Indonesia’s rupiah hit a near four-month high on Wednesday, leading gains in emerging Asian currencies as the dollar weakened and investment inflows picked up.
An MSCI gauge of emerging-market currencies rose as much as 0.2 percent to a record high as the dollar weakened ahead of key US inflation data later this week.
The rupiah led regional gains, rising to 17,490 per dollar, its strongest level since mid-May.
Malaysia’s ringgit weakened to 4.0685 per dollar, hovering near its lowest level since mid-August.
In equities, MSCI EM Asia equities index, dominated by AI tech-heavy South Korea and Taiwan, rose as much as 1 percent.
South Korea’s KOSPI ended 1.4 percent higher, its highest close since July 23, as chipmakers gained after the Philadelphia Semiconductor Index rose 1.3 percent overnight.
In Southeast Asia, Jakarta stocks fell as much as 0.7 percent, while those in Taipei ended 0.2 percent higher. Manila stocks gained 0.2 percent, while Thailand equities edged lower, and those in Malaysia was flat.
Regional equities, which are mostly reliant on energy imports, did not log steep losses even as oil prices rose above USD100 a barrel as conflict flared again in the Middle East.
The Singapore dollar was flat.
Elsewhere, the Thai baht edged higher, while the Philippine peso weakened slightly to 62.431 a dollar.
The won strengthened against the greenback to 1,335.70.
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