After Federal Reserve indicated of keeping U.S. interest rates close to zero, in order to boost demand for higher- yielding assets, Asian currencies were found to advance. Ben S. Bernanke - the Fed Chairman, spoke in favor of providing sustained monetary stimulus to encourage employment in the largest economy of the world. Angela Merkel – the German Chancellor, also showed her inclination to support plans for Europe’s permanent and temporary rescue funds to run in parallel. While Bernanke’s comments advocate no rise in the U.S. interest rates for a while, Merkel’s comments facilitated in improving the risk sentiment. As a result, fund inflows to the Asian region are set to continue.
The upbeat trend of Asian currencies is noted across different nations. While Malaysia’s Ringgit fortified its position by 0.5 percent to 3.0585, the South Korean Won rallied 0.7 percent to close at 1,134.20 (per Dollar) in Seoul. Indian Rupee was at 50.79 after an appreciation of 0.9 percent, while Philippine Peso strengthened its position by climbing 0.3 percent to 42.92.
The Asia Dollar Index also clocked a promising figure by climbing 1.4 percent this year. Since this index keeps track of the 10 most- used currencies in the Asian region, excluding the Yen, such an upbeat figure surely is something to look forward to. Analysis of stock exchange data also revealed good news as it was found that in comparison to the stocks foreign investors sold in South Korea, India, Thailand and Taiwan this year, they bought $25.5 billion more
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