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* Indonesia plans to increase social aid and health spending * Philippine stocks are expected to advance 0.7 percent this week * Graphic: FX rates throughout the world tmsnrt.rs/2RBWI5E
* Asian stock exchanges: tmsnrt.rs/2zpUAr4
Soumyajit Saha contributed to this article.
Reuters, July 2 – On Friday, the Thai baht fell to its lowest level in more than 13 months, while the Indonesian rupiah fell to a two-and-a-half-month low, driven down by mounting coronavirus infections and an unyielding US dollar.
The dollar was trading at a 15-month high versus the yen ahead of a heavily watched US labor report, on hopes that a strong increase in jobs would strengthen the Federal Reserve’s recent hawkish stance.
The baht fell 0.4 percent to its lowest level since May 2020, while Thai stocks fell 0.8 percent, marking their ninth day in a row in negative territory.

Thailand recorded 61 COVID-19 deaths for the third day in a row, despite placing limits around the capital Bangkok and other areas to prevent the virus from spreading.
In a letter to clients, Bank of America wrote, “The current outbreak, along with the new semi-lockdown restrictions recently enacted, will continue to have a major negative effect on domestic demand and impede the economic recovery.”
According to a private industry association, the tourism-dependent economy lost 550,000 jobs in the second quarter.
After the country declared emergency measures, including mobility restrictions, to combat a COVID-19 rise, Indonesia’s rupiah fell to its lowest level since mid-April.
In response to the spike in cases, the country stated it will raise expenditure on social assistance and healthcare to cushion the economic damage once the limitations take effect.
The Philippine peso rebounded from a near one-year low reached in the previous session against a backdrop of weaker emerging Asian currencies.
Philippine stocks rose to a more than four-month high on Friday, a day after the country reported a drop in unemployment, with the benchmark stock index expected to advance 0.7 percent for the week.
Singapore equities rose as well, as local media reported that the city-health state’s minister said that COVID-19 restrictions would be eased further starting July 12 as cases fell.
In other news, consumer inflation in South Korea remained above 2% in June for the third month in a row, putting pressure on authorities to raise interest rates sooner rather than later.
** Indonesian 10-year benchmark yields have risen 2.2 basis points to 6.636 percent. ** Malaysia’s 10-year benchmark yield has fallen 2.3 basis points to 3.261 percent.

At 05:26 GMT, Asian stock indices and currencies were trading.
COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY YTD percent DAILY YTD percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent percent
-0.05 -7.46 0.25 4.86 -0.05 -7.46 0.25 4.86 -0.05 -7.46 0.25
China -0.11 +0.79 -1.72 1.56 China -0.11 +0.79 -1.72 1.56 China -0.11 +0.7
India -0.13 -2.13 -0.09 12.04 -0.13 -2.13 -0.09
Indonesia -0.28 -3.44 0.44 0.90 Indonesia -0.28 -3.44 0.44 0.90
Malaysia -0.11 -3.39 -0.21 -5.91 -0.11 -3.39 -0.21 -5.91
Philippines +0.39 -2.38 0.55 -1.93 Philippines +0.39 -2.38 0.55 -1.93 Philippines +0.39 -2.
S.Korea -0.11 -4.25 -0.06 14.15 S.Korea -0.11 -4.25 -0.06
Singapore -0.07 -2.13 0.12 9.99 -0.07 -2.13 0.12 9.99 -0.07 -2.13
Taiwan -0.25 +1.82 0.05 20.30 Taiwan -0.25 +1.82 0.05 Taiwan -0.25 +1.82
Thailand -0.31 -6.81 -0.62 9.28 Thailand -0.31 -6.81 -0.62

(Bengaluru-based reporter Soumyajit Saha contributed to this report; Subhranshu Sahu edited it.)/nRead More

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