Most Asian currencies end 2017 on positive note

Most Asian currencies edged higher in Friday's trade with the Taiwan dollar hitting its highest since 2013, while the US dollar languished near one-month lows. The dollar index which measures the greenback against a basket of six major currencies, was 0.01 percent higher at 0512 GMT, and is likely to log an yearly loss of more than 9 percent.
A Reuters poll showed the US dollar was expected to lose a bit more ground against other major currencies next year. Among regional currencies, the Taiwan dollar surged as much as 0.6 percent, scaling new highs for a second straight session. The currency logged its biggest-ever yearly gain in 2017. The Chinese yuan rose 0.3 percent and hit its highest in more than three months. China's central bank on Friday raised the yuan mid-point to a new 3-1/2 month high.
The Malaysian ringgit followed suit, extending gains into a second session. The Thai baht edged higher ahead of November trade account data due later in the day. Thailand had posted a trade balance surplus of $1.62 billion in October. Broad dollar weakness was no help to the Philippine peso as it declined 0.06 percent on the day.
Thursday was the last day of trade for the South Korean won. It is the best-performing currency of 2017, logging an yearly gain of 12.8 percent, followed by Malaysia's ringgit which is up 10.6 percent for the year. The Indonesian rupiah and the Philippines peso were the only major Asia-Pacific EM currencies marking yearly losses, with the rupiah being the worst performing currency in the region and the peso posting a fifth straight annual fall.
The Singapore dollar, Malaysian ringgit and the Thai baht saw their best yearly gains since 2010, while China's yuan posts its biggest annual gain since 2008.