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Rupee Hits All-Time Low In Mixed Asia Trade

ASIA FX

The dollar index (BBDXY) unwound its initial uptick, with U.S. Tsy yields ticking lower, providing some reprieve to Asia EM space.

  • CNH: Spot USD/CNH shed ~50 pips, with the move seemingly driven by the greenback side of the pair. The rate had earlier held a very tight range, even as the PBOC delivered another firmer than expected yuan fixing.
  • KRW: The won outperformed, tracking the slightly weaker greenback. U.S. Tsy Sec Yellen is in South Korea, will speak with Pres Yoon, FinMin Choo & BoK Gov Rhee.
  • IDR: Spot USD/IDR edged higher, respecting a familiar range. Participants assessed interest rate outlook ahead of this week's Bank Indonesia meeting.
  • MYR: Spot USD/MYR rose to a new cyclical high of MYR4.4584. Renewed weakness in palm oil futures may have sapped strength from the ringgit.
  • PHP: The peso inched higher, with the Philippines looking to revise its COVID-19 alert system next month.
  • THB: The baht traded on a slightly heavier footing ahead of today's censure debate against PM Prayuth and 10 senior Cabinet ministers.
  • INR: The Indian rupee plunged to an all-time low, with spot USD/INR having a look above INR80.

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