Asian Market Trends
India’s rupee and South Korea’s currency lead the Asian currencies this week. Chinese industrial companies’ profits have risen for a third month in November while South Korea’s current-account surplus widened to a record $6.9 billion. According to data compiled by Bloomberg, the rupee strengthened 0.4 percent this week to 54.8450 per dollar as of 1:54 p.m. in Mumbai. Taiwan’s factory production rose 5.85 percent in November, the fastest speed during nine months. South Korea’s industrial production rose 2.9 percent.
Today China’s yuan strengthened, paring a weekly loss, before U.S. lawmakers resume budget negotiations to avert more than $600 billion in spending cuts and tax increases that take effect in January. For this reason, President Barack Obama has cancelled his vacation and returned to Washington to solve the problems.
The People’s Bank of China bolstered the reference rate by 0.08 percent to 6.2896 per dollar. The yuan rose 0.07 percent today to 6.2315, paring the weekly loss to 0.03 percent.
Generalizing the whole year it can be said, that South Korea’s won gained 7.7 percent, the most among the 11 most-traded Asian currencies, followed by the peso and Singapore dollar. Today is the last trading day of 2012 for financial markets in South Korea, Taiwan, Indonesia, Thailand and the Philippines.