SINGAPORE (Nov 24): Most emerging Asian currencies rose on Monday as risk sentiment improved on hopes of further policy stimulus in China and Europe after a surprise interest rate cut by the Beijing's monetary authority.
Malaysia's ringgit outperformed regional peers after the government on Friday said the country will abolish subsidies for petrol and diesel from December 1.
China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, said sources involved in policy-making.
On Friday, the People's Bank of China bank slashed interest rates for the first time in more than two years to support the world's second-largest economy.
European Central Bank President Mario Draghi opened the door for more drastic measures to prevent the euro zone from sliding into deflation.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0135 GMT
Currency Latest bid Previous day Pct Move
Japan yen 117.64 117.80 +0.14
Sing dlr 1.2983 1.2993 +0.08
Taiwan dlr 30.894 31.005 +0.36
Korean won 1110.20 1113.80 +0.32
Baht 32.74 32.80 +0.17
Peso 44.92 44.98 +0.13
Rupiah 12120.00 12145.00 +0.21
Rupee 61.76 61.76 +0.00
Ringgit 3.3400 3.3555 +0.46
Yuan 6.1290 6.1249 -0.07
Change so far in 2014
Currency Latest bid End prev year Pct Move
Japan yen 117.64 105.28 -10.51
Sing dlr 1.2983 1.2632 -2.70
Taiwan dlr 30.894 29.950 -3.06
Korean won 1110.20 1055.40 -4.94
Baht 32.74 32.86 +0.37
Peso 44.92 44.40 -1.17
Rupiah 12120.00 12160.00 +0.33
Rupee 61.76 61.80 +0.06
Ringgit 3.3400 3.2755 -1.93
Yuan 6.1290 6.0539 -1.23