SINGAPORE — Asian currencies had their biggest weekly gain since March after the Philippines won a surprise credit-rating upgrade and Malaysia’s ringgit rallied on the prospect of an interest-rate increase.
The peso jumped by the most in four years on Friday after Standard & Poor’s raised the Philippines debt rating yesterday to BBB, its second-lowest investment grade. Bank Negara Malaysia said its monetary policy may need to be adjusted after it held borrowing costs on Thursday. China’s trade surplus widened in April and Taiwan’s exports jumped, reports showed this week.
The Bloomberg-JPMorgan Asia Dollar Index, which tracks the region’s 10 most-active currencies excluding the yen, climbed 0.3% from May 2 to 115.73 as of 5.19pm in Singapore. The peso jumped 1.2% on Friday to 43.655 per dollar, taking its gain this week to 2%. Malaysia’s ringgit rose 1.2% since May 2 to 3.2277 and South Korea’s won advanced 0.6% to 1,024.45.
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