Business | Banking
Asian currencies fall amid global market mayhem
South Korea's won slumped to a seven-year low and the Indian rupee fell on speculation of deepening turbulence in global financial markets.
- Bloomberg
- Published: 13:50 October 7, 2008
-
Indian shares stage late rally
Indian shares stage late rally to cut losses
-
How low can the markets go?
How low can the markets go?
-
Syria and Iran are not immune to US turmoil
Syria and Iran are not immune to US turmoil
-
Iran fears impact of financial crisis
Iran fears impact of financial crisis on global demand
-
Another day of decline in UAE
UAE real estate and banking see another day of decline
-
Market watchers counsel caution amid global slide
Market watchers counsel caution amid global slide
-
Russia unveils package to help Iceland
Russia unveils package to help Iceland
-
Asian stocks fall on economy concern
Asian stocks slump amid concern that economies may fall into recession
Dubai: South Korea's won slumped to a seven-year low and the Indian rupee fell on speculation of deepening turbulence in global financial markets.
The won tumbled as much as 7 per cent, the most since December 1997. India's rupee declined to its weakest in almost six years and the ringgit fell to a 13- month low.
“Sentiment is extremely unstable as the crisis seems to be spreading fast,'' said Jay Won, a currency dealer at Korea Exchange Bank in Seoul. “People are panicking and they only want to hold dollars.''
The rupee fell as much as 0.7 per cent to 48.14 per dollar, the lowest since December 2002, before trading at 48.08 in Mumbai, according to data compiled by Bloomberg.
The Thai baht declined 0.2 percent to 34.46 as Deputy Prime Minister Chavalit Yongchaiyudh resigned after dozens of anti- government protesters clashed with police.
Malaysia's ringgit fell 0.1 percent to 3.4915 on speculation overseas investors are taking money out of the country as local stocks decline.
Elsewhere, Indonesia's rupiah rose 0.13 per cent to 9,566 per dollar and the Philippine peso was little changed at 47.40. The Singapore dollar fell 0.2 per cent to S$1.4664.
Share this article
Related Articles
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
Tight security for air show
Police announce measures to keep people and property safe
-
Nokia aims for 300m customers by 2012
Core focus will be on messaging, maps and navigation, music and applications
-
Court orders freeze on all Saad assets
Many UAE banks exposed to troubled conglomerate
