EM ASIA FX-Global growth fears hurt Asia FX; ringgit down on Fitch downgrade warning
* Fitch warns of downgrade risk of Malaysia's rating outlook
* Won falls as foreigners continue to sell S.Korean stocks
(Adds text, updates prices)
By Jongwoo Cheon
SINGAPORE, Sept 2 (Reuters) - Most emerging Asian currencies
resumed falling on Wednesday as fears over global growth and
downbeat factory activity reports drove investors from risky
assets including stocks.
The Malaysian ringgit led regional losses as Fitch
Ratings warned of downgrade risk in the country's rating
outlook.
Indonesia's rupiah stayed near a 17-year low with
low commodity prices seen hurting export earnings.
The South Korean won fell as foreign investors
were set to record the longest selling streak in the local stock
market since the global financial crisis in 2008.
The Singapore dollar eased as economists trimmed
forecasts for this year's economic growth and inflation, a
central bank survey showed.
"Asian currencies are expected to still be under pressure as
growth concerns will dominate," said Khoon Goh, senior FX
strategist for ANZ in Singapore.
U.S. factory activity hit a more than two-year low in August
and China's manufacturing sector contracted at its fastest pace
in at least three years. Euro zone manufacturing growth also
fell.
Australia suffered the slowest economic growth in two years
over the second quarter partially due to a sharp slump in export
volumes, data showed earlier.
RINGGIT
The ringgit fell as Kuala Lumpur stocks lost 0.8
percent, underperforming most Southeast Asian equities.
Fitch said Malaysia's deteriorating currency position could
force the rating agency to restore the negative outlook attached
to the country's credit rating.
Malaysia's July exports were expected to rise on a weaker
ringgit, although moderating from an unexpected jump in the
previous month due to plunging commodity prices, a Reuters poll
showed.
Oil prices slid, adding to concerns over exports. Malaysia
is a major supplier of natural liquefied gas and palm oil.
WON
The won fell as foreign investors were set to become net
sellers in South Korea's main stock exchange for a 20th straight
session, which would be longest selling spree since July 2008.
Foreigners sold a combined net 4.2 trillion won ($3.6
billion) worth of stocks during the period, the Korea Exchange
data showed.
The country also reported a net outflows of $10.64 billion
in the financial account in July after a $10.49 billion outflow
in June, central bank data showed.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0520 GMT
Currency Latest bid Previous day Pct Move
Japan yen 120.17 119.38 -0.66
Sing dlr 1.4135 1.4123 -0.08
Taiwan dlr 32.435 32.680 +0.76
Korean won 1178.79 1171.80 -0.59
Baht 35.73 35.73 +0.01
Peso 46.70 46.69 -0.03
Rupiah 14110.00 14095.00 -0.11
Rupee 66.24 66.22 -0.03
Ringgit 4.2160 4.1650 -1.21
Yuan 6.3649 6.3645 -0.01
Change so far in 2015
Currency Latest bid End prev year Pct Move
Japan yen 120.17 119.66 -0.43
Sing dlr 1.4135 1.3260 -6.19
Taiwan dlr 32.435 31.718 -2.21
Korean won 1178.79 1099.30 -6.74
Baht 35.73 32.90 -7.92
Peso 46.70 44.72 -4.24
Rupiah 14110.00 12380.00 -12.26
Rupee 66.24 63.03 -4.84
Ringgit 4.2160 3.4965 -17.07
Yuan 6.3649 6.2040 -2.53
($1 = 1,178.5000 won)
(Additional reporting by Yeawon Choi in SEOUL; Editing by Eric
Meijer)