Most Asian currencies fell on Monday as the dollar rose after US nonfarm payrolls increased more than expected, and as Chinese trade data added to worries of a slowdown in the world's second-largest economy. Moves in the Chinese yuan also weighed on Asian currencies. China's central bank fixed the yuan's mid-point at a much lower level than Friday's fix.
That helped spur selling in other Asian units, which closely track the Chinese currency because of the region's dependence on China's economy. The Indonesian rupiah, however, bucked the broader trend and rose 0.6 percent. One trader said dollar-selling by foreign banks helped to give a lift to the rupiah. Losses in Asian currencies were led by the Malaysian ringgit, which retreated after having rallied to a near three-month high on Friday. Other underperformers included the South Korean won and the Thai baht.
The South Korean won slipped on Monday, snapping a three-day rising streak as the dollar firmed on an upbeat US jobs report, while worse-than-expected Chinese export data added pressure on regional currencies. The local currency was last quoted at 1,066.5 against the dollar, down 0.6 percent from Friday's closing level of 1,060.6. The won had strengthened more than 1.2 percent during its three-day rally. The ringgit fell against the dollar, after the People's Bank of China fixed the Chinese yuan's mid-point versus the dollar at 6.1312, compared with Friday's fix at 6.1201. The ringgit last stood at 3.2820 versus the dollar, pulling away from Friday's peak of 3.2480, which was the ringgit's strongest level in nearly three months.