The Malaysian ringgit and South Korean won led a retreat in Asian currencies on Monday as weak Japanese economic data made investors more wary of risk. But the Thai baht bucked the trend, inching towards a 28-month high despite spotty central bank moves to curb its gains. The won was quoted at 1,186.9 per dollar against its previous domestic close of 1,183.8.
It earlier weakened to 1,200.3, the lowest since July 23 as market players added dollar holdings amid worries about a slowing global economic recovery. The 1,200 level was a 50 percent retracement. Seoul shares pared losses to 0.17 percent from 0.51 percent earlier on the main exchange.
Dollar/ringgit was bid at 3.1780 against 3.1660 late on Friday. Forward ringgit reflected spot with 3-month NDFs falling to 3.1930 from 3.1740 at the Friday close. Spot ringgit remained the best Asian performer this year, appreciating 7.7 percent against the dollar. The Thai baht firmed towards a 28-month high in early active trade after a four-day weekend with traders spotting signs of central bank intervention to stall its rise at around 31.88-90 per dollar. Dollar/baht was bid at 31.83 against 31.90 late on Wednesday before the market closed for holiday on Thursday and Friday. The baht has gained 1.3 percent in the past month and 4.7 percent this year.