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Emerging Asian currencies were largely lower on Tuesday as investors booked profits before the outcome of the US Federal Reserve policy meeting this week, with the Indonesian rupiah pulling back on selling of domestic bonds by foreign banks. Regional currencies found little support from a liquidity injection by China's central bank - the first such injection in two weeks - as it appeared insufficient to cover month-end cash demand, some analysts said.
The rupiah underperformed on month-end dollar demand from local corporates. The Malaysian ringgit fell as some hedge funds booked profits from its gains after the government's steps to ease a fiscal gap. The Philippine peso weakened on dollar bids from domestic companies. The dollar edged higher but remained close to a nine-month trough against a basket of currencies, with markets widely expecting the Fed to maintain its monetary stimulus in a two-day meeting starting later in the day.
Emerging Asian currencies have reflected such expectations by rallying recently, traders and analysts said. "The Fed policy is pretty much priced in," said Frances Cheung, senior strategist at Credit Agricole CIB in Hong Kong. "The market may have been affected by the volatile money market in China. Investors are not satisfied with the size of reverse repo," Cheung said.
The People's Bank of China injected 13 billion yuan ($2.14 billion) into the markets via open market operations for the first time since October 15. The rupiah slid as some foreign banks took profits from Indonesian bonds, traders said. Ten- and three-year bond yields rose. Jakarta shares slid 0.7 percent, underperforming most regional stocks. The forward onshore market, or Jakarta Interbank Spot Dollar Rate (JISDOR), was fixed at 11,076 per dollar, compared with Friday's 11,018.
"The rupiah may weaken a bit more until the (October) CPI number," is out later this week, said a Jakarta-based trader, adding it may weaken to 11,120. The ringgit fell as the likes of leveraged funds took profits after it had risen on Malaysian government measures to stem a fiscal deficit. The three-year government bond yield rose to 3.151 percent from Monday's 3.097 percent.
"The post budget euphoria is over," said a senior Malaysian bank trader in Kuala Lumpur, adding he prefers selling the ringgit on rallies. The Malaysian currency on Monday hit its strongest level in more than four months after the government on Friday announced a higher-than-expected goods and services tax of 6 percent for 2015 and abolished subsidies on sugar. The government also hiked property taxes to curb surging home prices. The peso eased as local interbank speculators covered short dollar positions before the Fed meeting. "A risk that the Fed does not say anything more dovish than what is priced in could support the dollar," said a senior Philippine bank trader in Manila. The Philippine currency could weaken to 43.40, the trader said.

Copyright Reuters, 2013

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