* Thai equities end an eight-day losing streak * The Indonesian rupiah falls to a two-month low * Graphic: FX rates around the world tmsnrt.rs/2RBWI5E * tmsnrt.rs/2RBWI5E tmsnrt.rs/2zpUAr4 Asian stock markets
Soumyajit Saha contributed to this article.
Reuters, June 29 – Concerns over the economic impact of rising novel coronavirus infections in Southeast Asia weighed on the Thai baht, which remained near a 13-month low on Tuesday, while Singapore equities fell to their lowest level in over a month.
As the tourism-dependent economy battled the country’s worst virus outbreak, the baht broke through the 32-level against the dollar for the first time since May 2020.
The Thai central bank announced on Tuesday that it is exploring changing the foreign exchange regulation framework to help the economy cope better with volatility, a day after projecting that the economy would recover to pre-pandemic levels in the first quarter of 2023.
Singapore stocks, which had been on a three-day winning streak, fell to their lowest level since May 17 due to a jump in the region’s cases.
“Another wave of viral illnesses is weighing on mood in Southeast Asia… with Singapore still under quasi-lockdown, a lot of institutional investors are going pessimistic, and retail investors are following the signal,” said Margaret Yang, an IG Group forex strategist.
The rupiah fell to its lowest level in over two months as the country battled a viral outbreak that the Red Cross described as putting the country on the verge of a COVID-19 catastrophe.
Indonesia plans to implement harsher restrictions beginning Wednesday, according to the Singapore-based Strait Times newspaper, which cited sources.
A firmer US dollar, which stayed just below a two-month high, weighed on regional currencies as investors awaited the release of a US employment report on Friday, which could affect the Federal Reserve’s perspective on stimulus reduction.
Meanwhile, stocks in Vietnam soared to new highs as data revealed that the country’s economic growth quickened in the second quarter of the year, while its trade deficit shrank.
After eight straight days of losses, Thai markets rallied, while Philippine equities soared to their highest level in nearly two weeks.
KEY POINTS ** Indonesian 10-year benchmark yields are up 1.1 basis points to 6.602 percent ** The Singapore index’s top losers are Genting Singapore Ltd (-2.92%) and Keppel Corp (-2.86%).
At 0728 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 -6.71 -0.81 4.99 Japan -0.05 -6.71 -0.81
-0.04 +1.07 -0.92 2.88 China China China China China China China China China China China China China China China China China China China China China China China
India -1.57 -0.33 12.74 -0.05 -1.57 -1.57 -1.57 -1.57 -1.57
-0.21 -2.97 0.05 -0.61 Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia
Malaysia -0.17 -3.13 0.21 -4.87 -0.17 -3.13 0.21 -4.87 -0.17 -3.13
Philippines +0.15 -1.15 0.27 -2.56 Philippines +0.15 -1.15 0.27 -2.56 Philippines +0.15 -1.
S.Korea +0.16 -3.75 -0.46 14.38 S.Korea +0.16 -3.75 -0.46 14.38 S.Korea +0.1
Singapore -0.03 -1.66 -0.87 9.00 -0.03 -1.66 -0.87 9.00 -0.03 -1.66
Taiwan +0.06 +2.12 0.04 19.45 Taiwan +0.06 +2.12 0.04 19.45 Taiwan +0.06 +2.12
Thailand -0.19 -6.38 0.46 9.46 Thailand -0.19 -6.38 0.46 9.46 Thailand -0.19 -6
(Bengaluru-based reporter Soumyajit Saha contributed to this report; Uttaresh.V edited it.)
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