Singapore: Most emerging Asian currencies tumbled on Monday as a global sell-off of riskier assets intensified, pulling the Malaysian ringgit and the Philippine peso to their lowest levels in more than three years.
Financial turmoil in Argentina, fears of a sharper slowdown in China and expectations that the U.S. Federal Reserve will continue to trim its bond-buying programme later this week have sparked a broad bout of risk aversion and a flight to safer assets such as the yen.
The Indonesian rupiah led slides in Asian currencies, shedding 0.4 percent against the dollar, as it is seen more vulnerable to the Fed tapering than other Asian currencies because of the country's current account deficit.
The rupiah has eased 0.5 per cent so far this year, outpacing most of its regional peers, according to Thomson Reuters data.
The ringgit fell as much as 0.4 per cent to 3.3455 per dollar, its lowest since May 2010, pressured by selling by offshore funds, including real money accounts, traders said.
The peso lost up to 0.3 per cent to 45.45, its weakest since August 2010 amid market talk of selling from real money funds, traders said.
South Korea's won slid as much as 0.7 per cent to 1,087.7, its weakest since September 13, as offshore funds such as model accounts unloaded the currency.
Foreign investors dumped a net 514.6 billion won worth of stocks in Seoul's main exchange, the largest daily selling since December 12, according to the Korea Exchange data.
The won, however, pared much of its initial losses on demand from exporters for settlements and as some offshore funds covered short positions, traders said.
Financial turmoil in Argentina, fears of a sharper slowdown in China and expectations that the U.S. Federal Reserve will continue to trim its bond-buying programme later this week have sparked a broad bout of risk aversion and a flight to safer assets such as the yen.
The Indonesian rupiah led slides in Asian currencies, shedding 0.4 percent against the dollar, as it is seen more vulnerable to the Fed tapering than other Asian currencies because of the country's current account deficit.
The rupiah has eased 0.5 per cent so far this year, outpacing most of its regional peers, according to Thomson Reuters data.
The ringgit fell as much as 0.4 per cent to 3.3455 per dollar, its lowest since May 2010, pressured by selling by offshore funds, including real money accounts, traders said.
The peso lost up to 0.3 per cent to 45.45, its weakest since August 2010 amid market talk of selling from real money funds, traders said.
South Korea's won slid as much as 0.7 per cent to 1,087.7, its weakest since September 13, as offshore funds such as model accounts unloaded the currency.
Foreign investors dumped a net 514.6 billion won worth of stocks in Seoul's main exchange, the largest daily selling since December 12, according to the Korea Exchange data.
The won, however, pared much of its initial losses on demand from exporters for settlements and as some offshore funds covered short positions, traders said.
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