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Rupiah climbs as rupee declines

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SINGAPORE/JAKARTA - The rupiah led gains in Asia and had its biggest weekly rally in five months on signs Joko Widodo won Indonesia's presidential race, while South Korea's won and India's rupee declined. 

Mr Widodo, known locally as Jokowi, had about a five-percentage-point lead, according to unofficial counts from two survey companies that declared him the winner of the July 9 vote, a projection disputed by his opponent, Prabowo Subianto. Official results will be announced by July 22. Most Asian currencies declined on Friday after signs of financial distress in Portugal fuelled demand for the safety of the dollar.

"We can see a further rally after the final result, even if much of the expectation for Jokowi's win has been priced in," said David Sumual, chief economist at PT Bank Central Asia in Jakarta. "The focus will turn to the new cabinet."

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