Asian currencies completed a third weekly gain, led by South Korea’s won, as global funds increased holdings of the region’s assets amid easing concern about the timing of U.S. interest-rate increases.
Indonesia’s rupiah is set to snap its world-beating gains of the past week, trading patterns suggest, amid concern a clampdown on commodity exports will swing the nation’s trade balance back to the red.
The Philippine peso climbed to the highest level in almost five years on speculation the central bank will start raising its benchmark interest rate in 2013 to ward off inflation. Five-year government bonds declined.
Indonesia’s rupiah was little changed after trading near a one-month high, as a government report showed inflation accelerated to the fastest pace in 20 months, spurring speculation the central bank will raise borrowing costs this year.