Most South East Asian Currencies Plunge Against US Dollar

Monday morning in Asia, most Southeast Asian currencies plunged against the U.S. dollar as a slump in most Asian stocks decreased demand for emerging market assets. The currencies of Hong-Kong, Thailand, South-Korea and Singapore dipped to new multi-day lows against the greenback. The Indian rupee, Chinese Yuan and the Pakistan rupee dropped against the dollar.

On the other hand, the Philippine peso climbed from a near 2-week low against the dollar.

Most of the Stock markets across the Asia Pacific are trading lower today with the negative close on Wall Street Friday on the back of some disappointing earnings reports hurting sentiment in some parts of the region. Markets in Australia, Japan, and South Korea are down in red. Among other markets in Asia-pacific, Shanghai is trading sharply higher. Hong Kong, New Zealand and Taiwan are up with modest gains, while Indonesia and Singapore are trading weak. Stock markets in the region had closed on a mixed note Friday.

The Singapore dollar that closed last week's trading at 1.3923 against the U.S. currency slipped to a 6-day low of 1.3994 in early Asian deals on Monday. The next downside target level for the Singapore dollar is seen at 1.405.

During early Asian deals on Monday, the Hong Kong dollar declined to a 1-week low of 7.7511 against the U.S. currency. This may be compared to Friday's close of 7.7503. On the downside, 7.7516 is seen as the next target level for the Hong Kong dollar.

The Thai baht dropped to a 2-day low of 33.5450 against the U.S. dollar in early Asian trading on Monday. The near term support for the Thailand currency is seen around the 33.69 level. At Friday's close, the dollar-baht pair was quoted at 33.4350.

The Philippine currency that slipped to a 13-day low of 47.27 against the US dollar during Monday's early Asian trading, gained ground by about 8:50 pm ET. As of now, the pair is trading at 46.45, compared to Friday's close of 47.00. The next upside target level for the Philippine currency is seen at 46.20.

During early Asian deals on Monday, the South Korean won declined to a 2-week low of 1180.05 against the U.S. dollar. This may be compared to Friday's close of 1155.40. On the downside, 1190.60 is seen as the next target level for the Korean currency.

The Indian rupee showed weakness against the dollar during Monday's early Asian trading. The rupee fell to 46.3350 per dollar by about 12:10 am ET. If the Indian currency slips further, it may likely target the 46.685 level. The dollar-rupee pair closed last week's New York session at 46.2250.

The Pakistan rupee dropped against the US dollar and is now trading at 83.31 against the buck, with 83.53 seen as the next immediate support level. At Friday's New York session close, the pair was quoted at 83.11.

The Chinese yuan declined against its US counterpart during Monday's early trading and hit as low as 6.8315. The yuan may likely find support near the 6.835 level, if it drops further. The dollar-yuan pair closed Friday's deals at 6.8278.

People's Bank of China has set today's central parity rate for dollar-yuan pair at 6.8275. The pair is allowed to move 5% above or below the target rate.