*
Indonesian rupiah hits more than 7-month high
*
South Korean won leads gains in Asia
*
India central bank to extend rate-hike pause - poll
By Navya Mittal
April 13 (Reuters) - Most Asian currencies gained ground
on Thursday after cooler-than-anticipated U.S inflation data
fanned expectations that the Federal Reserve was near the end of
its rate-hike cycle, while stock markets tracked Wall Street
lower amid recession fears.
The rupiah climbed 0.7%, hitting its highest since
Aug. 26 and outperforming its Southeast Asian peers. The South
Korean won appreciated more than 1%, while the
Malaysian ringgit was up 0.2%.
Consumer prices in the world's largest economy barely rose
in March, while Federal Reserve officials flagged risks to the
economy, which compounded troubles for the dollar index.
"As long as banking sector stress remains subdued, we think
the Fed will be inclined to deliver on its dot plot forecast by
raising rates to 5.0-5.25%," BofA analysts wrote in a note.
The Philippine peso edged lower after the country's
central bank said it could pause its interest rate-hike cycle at
next month's meeting as inflation eased. The central bank has
raised rates by 425 basis points since last year to 6.25%.
The peso is still relatively stable in familiar ranges after
recent signals from monetary authorities that they are ready to
use policy tools available to help stabilise inflation, said
Michael L. Ricafort, chief economist at Rizal Commercial Banking
Corporation.
The Reserve Bank of India is expected to follow suit and is
likely to extend a rate pause through year-end, according to a
Reuters poll.
The Indian rupee rose 0.1%, climbing for a second
consecutive session. The country's retail inflation rose at the
slowest annual pace in nearly 15 months in March, with the 5.66%
gain lower than the central bank's upper tolerance level for the
first time this year.
Among stock markets in the region, Manila led the
losses and hit its lowest since March 20. Equities in Taiwan and Jakarta lost 0.8% and 0.4%, respectively.
Elsewhere in the region, China' crude oil imports in March
surged to the highest for a single month since June 2020 as
refiners stepped up runs in anticipation of an economic
recovery.
"The strong export growth is likely due to strengthened ties
with EM countries and the continued healing of global supply
chain," Goldman Sachs analysts wrote in a note.
Highlights
** Sovereign debtors, creditors agree on steps to jumpstart
debt restructurings
** Indonesian 10-year benchmark yields up 0.4 basis point at
6.643%??
** India c.bank begins evaluating potential bidders for IDBI Bank - sources
Asia stock indexes and currencies
at 0640 GMT
COUNTRY FX RIC FX FX INDE STOCKS STOCKS
DAILY % YTD % X DAILY YTD %
%
Japan -0.11 -1.61 <.N2 0.10 9.49
25>
China <CNY=CFXS -0.02 +0.38 <.SS -0.17 7.52
> EC>
India +0.13 +0.91 <.NS -0.29 -1.90
EI>
Indonesi +0.68 +5.35 <.JK -0.36 -1.11
a SE>
Malaysia +0.17 -0.06 <.KL -0.18 -4.23
SE>
Philippi -0.11 +0.71 <.PS -0.96 -2.42
nes I>
S.Korea <KRW=KFTC +1.17 -3.50 <.KS 0.43 14.54
> 11>
Singapor +0.10 +0.98 <.ST 0.07 1.14
e I>
Taiwan -0.01 +0.65 <.TW -0.80 11.79
II>
Thailand - +1.04 <.SE - -4.55
TI>
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Graphic: World FX rates Asian stock markets ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
(Reporting by Navya Mittal in Bengaluru; Editing by Jamie Freed
and Subhranshu Sahu)
