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* Thai baht top weekly gainer, set to add nearly 2%
* All regional equities set to end week with strong gains
* Philippine shares headed for 4% weekly gains
* Bank Indonesia to hold rates until late 2022 - Reuters
poll
By Sameer Manekar
Oct 15 (Reuters) - Most Asian currencies gained against the
U.S. dollar this week, as the greenback was headed for its first
weekly loss in five after an improvement in risk appetite put a
brake on the safe-haven currency"s rally.
Earlier this week, the U.S. dollar touched a one-year
high but slipped as the week progressed on improving optimism
around a global recovery.
"With the Fed tapering expectations well-telegraphed and a
Fed rate hike not likely to occur until second-half of 2022, we
see some room for stretched U.S. dollar longs to unwind in the
near-term," analysts at Maybank said in a note.
Over the week, South Korea"s won appreciated 1%,
the Thai baht firmed nearly 2% and was on track for its
best week since late-August, while Indonesia"s rupiah
jumped nearly 1% and headed for its best week since early
September.
The Singapore dollar and the Malaysian ringgit
were also on track to post weekly gains. On the other hand,
India"s rupee and the Philippine peso were
headed for weekly losses.
Regional equities were set to post strong weekly gains as
the easing of curbs in countries such as Indonesia, Thailand,
Malaysia and the Philippines boosted sentiment.
Shares in the Philippines advanced more than 4% over
the week, while Singaporean equities, Thai stocks
, India"s Nifty 50 and Malaysian shares
were set for a more than 2% gain for the week.
On Friday, most Asian currencies strengthened, with South
Korea"s won appreciating about 0.5%, and the
Indonesian rupiah scaling a near eight-month high
supported by the recent surge in energy prices.
"Elevated Brent, crude palm oil, natural gas prices remain
supportive of commodity-linked FX, and Asian equities are
largely seeing green," analysts at Maybank said.
Indonesia, Southeast Asia"s biggest economy and a major
exporter of commodities including thermal coal, is benefiting
from a global energy crunch that is pushing coal prices to
record levels due to high demand and supply disruptions.
The rupiah is among the best performing currencies in the
region, with only a marginal drop so far this year.
Investors are now awaiting Bank of Indonesia"s policy
meeting next week where the central bank is expected to hold
interest rates steady to boost economic recovery, a Reuters poll
showed.
Markets in India were closed on Friday for
a holiday.
HIGHLIGHTS:
** Singapore electricity providers hit by global power
crunch quit market -
** China thermal coal prices hit record high -
** Indonesia trade surplus shrinks less than expected in
September -
Asia stock indexes and
currencies at 0609 GMT
COUNTRY FX RIC FX FX INDE STOCK STOCK
DAILY YTD X S S YTD
% % DAILY %
%
Japan -0.37 -9.5 <.N2 1.62 5.72
0 25>
China
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