Asian Currencies Higher as Rupee Surges

India’s rupee and Indonesia’s rupiah led a third weekly advance in Asian currencies on speculation political developments in the two nations will spur investment.

The rupee headed for the biggest weekly gain in eight months after exit polls signaled the main opposition Bharatiya Janata Party and its allies will probably win a majority in national elections. Results of the vote are due today. In Indonesia, presidential frontrunner Joko Widodo garnered more support from other parties.

The Bloomberg-JPMorgan Asia Dollar Index (ADXY), which tracks the region’s 10 most-active currencies excluding the yen, climbed 0.19 percent from May 9 to 115.96 as of 11:38 a.m. in Hong Kong. The rupee rose 2.1 percent this week and strengthened past 59 per dollar for the first time since July 2013 to 58.80 per dollar, while the rupiah appreciated 1 percent to 11,413 in the biggest five-day rally since March.

Bloomberg

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