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Indonesia and The Region's Rate Rises
There are twelve top business stories in Bloomberg yesterday, and one of them is about Asia, whose Currencies Gain on Region's Economic Growth, Prospects for Rate Rises. Indonesia also gained some currencies, made Rupiah more stronger than before. Asian currencies had their biggest weekly gain of the year, led by the Philippine peso and Thailand´s baht, as upbeat economic data fanned speculation interest rates will be raised to counter inflation. The Bloomberg-JPMorgan Asia Dollar Index climbed after the Philippines and Taiwan announced faster economic growth than economists forecast this week, with the Southeast Asian nation also reporting a higher-than-expected inflation rate. Exports and consumer prices gained more than forecast in South Korea and Indonesia, while overseas sales in Malaysia also exceeded projections, separate data showed. Bank Indonesia unexpectedly raised interest rates yesterday for the first time in two years. "Asian economic growth is very solid and they are in an environment allowing central banks to boost rates to fight inflation," said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. "The trend of Asian currency appreciation is still intact." The Asia Dollar Index, which tracks the region´s 10 most- traded currencies excluding the yen, climbed 0.5 percent this week to 116.42. The peso advanced 0.8 percent to 43.765 per dollar, the baht strengthened 0.8 percent to 30.81 and Indonesia´s rupiah rose 0.4 percent to 8,993. Financial markets in China, Taiwan and South Korea were shut most of this week for the Chinese New Year holidays. News Source : Bloomberg
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