Currencies in Asia fall to weakest level since January
Asian currencies fell, led by Thailand's baht, as speculation Greece will quit Europe's currency union deterred risk-taking, making it harder for emerging markets to attract funds.
Singapore: Asian currencies fell, led by Thailand's baht, as speculation Greece will quit Europe's currency union deterred risk-taking, making it harder for emerging markets to attract funds.
The baht traded at the weakest level since January and South Korea's won touched a four-month low as regional stocks slumped for a fourth day.
Greece's possible exit from the euro moved to the centre of debate as Eur-opean leaders voiced the possibility due to the failure of the nation's political parties to agree on a unity government. China's yuan fell after the central bank cut reserve-requirement ratios for a third time in six months to help shore up growth.
Debt problem
"Europe's debt problem is the major issue in the market and investors don't want to buy riskier assets," said Tohru Nishihama, an economist at Dai-ichi Life Research Institute in Tokyo.
"Investors want to see how Greece's political situation will be settled and under this risk sentiment, investors buy the dollar instead."
The baht dropped 0.4 per cent to 31.31 per dollar in Bangkok yesterday.
The won closed 0.2 per cent weaker at 1,149.15, Malaysia's ringgit lost 0.3 per cent to 3.0815 and the Philippine peso declined 0.3 per cent to 42.710. Indonesia's rupiah fell 0.3 per cent to 9,270.
