The Taiwan dollar and the South Korean won rose against the dollar on Tuesday as investors bought stocks in Asian markets where they are less concerned about inflation. The baht, the worst performer among emerging Asian currencies so far this year, steadied on firm stocks and as dealers spotted the central bank's intervention.
Earlier in the day, dollar/baht rose to as high as 31.12, the highest since September 8, last year. Goldman Sachs lowered its forecasts for the Indonesian rupiah as it sees inflation accelerating.
The investment bank said it revised dollar/rupiah forecasts to 9,000, 8,800 and 8,700 on three-, six- and 12- month horizons respectively, from 8,750, 8,600 and 8,450 previously. The dollar/rupiah at 9,045, slightly off prior close of 9,058.
The Taiwan dollar rose 1 percent against the US dollar, lifted by a weaker greenback and gains in local shares on foreign investors' purchases. The won hit a three-day high against the dollar as foreign investors swung to net buyers of local stocks and on exporters' demand for end-month settlements. However, importers also purchased dollars for settlements around mid-1,110 per dollar levels, limiting the won's gains. The dollar/won slid to as low as 1,116.6, the lowest since January 20.
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