* Rupiah up on NDFs, stocks; corp dlr demand caps * Won gains as S.Korea c.bank rate cut views seen priced in * Philippine peso rises on short-covering (Adds text, updates prices) By Jongwoo Cheon SINGAPORE, Aug 11 (Reuters) - The Chinese yuan hit a near five-month high on Monday and other emerging Asian currencies also firmed as easing geopolitical tensions over Ukraine supported risk sentiment. The yuanCNY=CFXS started the domestic session at 6.1520 per dollar, its strongest since March 17 as the central bank set a stronger official rate and as investors increased bullish bets on recent encouraging economic data.CNY/ Indonesia's rupiahIDR=ID tracked its overall strength in non-deliverable forwards (NDFs)IDRNDFOR= markets and firm local shares.JKSE . The South Korean wonKRW=KFTC and the Philippine pesoPHP=PDSP rose as investors rushed to cover short positions. Asian stocks advanced on a Wall Street's rally after Russia said it had finished military exercises in southern Russia, which the United States had criticized as a provocative step amid the Ukraine crisis. "Ironically, it is hard to find a safe place except Asia for now, so we may see more inflows to support assets here," said Yuna Park, a currency and bond analyst at Dongbu Securities in Seoul. "Some risk aversion factors such as Iraq tensions will cause some profit-taking, but they may not reverse the trend yet." RUPIAH The rupiah gained as most of its NDFs strengthened and Jakarta shares.JKSE rose 0.8 percent. The official Jakarta Interbank Spot Dollar Rate (JISDOR), which Indonesia's central bank launched last year in an effort to manage exchange rate fluctuations, was fixed at 11,728 rupiah per dollarJISDOR= , firmer than the previous session's 11,822. Some local banks bought dollars on behalf of domestic corporates, limiting the rupiah's upside. WON The won rose on stop-loss dollar selling after geopolitical tensions over Ukraine eased. Traders, however, booked profits from the South Korean currency as the central bank is expected to cut its policy interest rate this week. The Bank of Korea is seen lowering the rateKROCRT=ECI by 25 basis points to 2.25 percent in a policy meeting on Thursday for the first time in over a year amid pressure from the government, a Reuters poll showed.ID:nL4N0QE0X4 Some traders and analysts said the won has much priced in such expectations, adding the currency could extend gains after the central bank's meeting unless it signals further cuts. The rate cut views forced the won to suffer a 1.6 percent loss in July. "Investors, led by offshore names, have been excessively sensitive to a rate cut," said a foreign bank trader in Seoul. "The largest risk is a rate freeze even though it is unlikely. Still, we could see some position adjustments if the rate is slashed by as much as expected." PHILIPPINE PESO The peso advanced as investors scrambled to reduce bearish bets on the worst performing emerging Asian currency last week. Last week, the Philippine unit lost 0.8 percent against the dollar on worries about slower economic growth, according to Thomson Reuters data. The currency may rise on further short-covering, but sustained concerns over global geopolitical tensions made traders stay cautious. "Geopolitical risks could creep up at any moment," said a Philippine bank trader in Manila, adding the peso is seen resisted around 43.85 per dollar. CURRENCIES VS U.S. DOLLAR Change on the day at 0430 GMT Currency Latest bid Previous day Pct Move Japan yen 102.14 102.04 -0.10 Sing dlr 1.2489 1.2520 +0.25 Taiwan dlr 29.995 30.066 +0.24 Korean won 1030.50 1036.50 +0.58 *Baht 32.14 32.14 +0.00 Peso 43.91 44.13 +0.51 Rupiah 11680.00 11770.00 +0.77 Rupee 61.10 61.14 +0.07 Ringgit 3.1955 3.2075 +0.38 Yuan 6.1537 6.1567 +0.05 Change so far in 2014 Currency Latest bid End prev year Pct Move Japan yen 102.14 105.28 +3.07 Sing dlr 1.2489 1.2632 +1.15 Taiwan dlr 29.995 29.950 -0.15 Korean won 1030.50 1055.40 +2.42 Baht 32.14 32.86 +2.26 Peso 43.91 44.40 +1.12 Rupiah 11680.00 12160.00 +4.11 Rupee 61.10 61.80 +1.15 Ringgit 3.1955 3.2755 +2.50 Yuan 6.1537 6.0539 -1.62 * Financial markets in Thailand are closed for holidays until Tuesday. (Additional reporting by Yena Park in SEOUL; Editing by Kim Coghill) ((jongwoo.cheon@thomsonreuters.com)(+65 6870-3841)(Reuters Messaging: jongwoo.cheon.thomsonreuters.com@reuters.net)) ((For the new Reuters scrolling global forex service please clickFXNEWS ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visithttp://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News, please visithttp://topnews.reuters.com )) Double click on brackets for following items: Asian currenciesAFX= Asian currencies in AsiaAFX=A Malaysian ringgitMYRX= Indonesian rupiahIDRX= Singapore dollarSGDX= Thai bahtTHBX= Taiwan dollarTWDX= Hong Kong dollarHKDX= Philippine pesoPHP= Korean wonKRW= SPEED GUIDESMONEY ASEAN= Exotic currenciesEXOTIC/1 Non-G7 currenciesCCY/1 RELATED NEWS AND OTHER TOPICS All Singapore newsSG All Malaysian newsMY ThailandTH IndonesiaID Hong KongHK TaiwanTW PhilippinesPH KoreaKR All emerging marketsEMRG All foreign exchange newsFRX Foreign exchange technical analysisFRX&INSI )) Keywords: MARKETS ASIA FOREX/
EM ASIA FX-Yuan near 5-month high, Asia FX up as geopolitical tensions ease
* Rupiah up on NDFs, stocks; corp dlr demand caps * Won gains as S.Korea c.bank rate cut views seen priced in * Philippine peso rises on short-covering (Adds text, updates prices) By Jongwoo Cheon SINGAPORE, Aug 11 (Reuters) - The Chinese yuan hit a near five-month high on Monday and other emerging Asian currencies also firmed as easing geopolitical tensions over Ukra
August 11, 2014
