Business Today

Increasingly powerful Asian currencies against the U.S. dollar, including the Philippine peso and Singapore dollar, print the best week in nearly four months, after a report showed economic growth in this area is accelerating.

Bloomberg-JPMorgan Asia Dollar Index reached the highest pitch in the 20 months after China’s economy to expand rapidly in the first quarter in the last three years. Singapore revalues its currency value after the economy experienced the fastest growth since the year 1975, adding to speculation that other central banks will be tightening policy to deal with inflation.

“Economic growth in Asia is undoubtedly stronger than in the middle west,” says Benjamin Pedley, Managing Director of LGT Investment Management Ltd. in Hong Kong in a broadcast on Bloomberg television

”I strongly believe that currencies like the Singapore dollar, Korean won, Malaysian ringgit and Indian rupee more or less will continue to rise until next year. “

Peso strengthened 1.3% this week to 44.40 per dollar. This is the highest increase since December 4, according to Tullett Prebon Plc data. Singapore dollar raised 1.3% to S $ 1.3726, the largest increase since October 9. Taiwan dollar appreciated by 0.7% to NT $ 31.39 and South Korea rose 0.7% to 1110.23 won.

Asia Dollar Index, dragging up 10 regional Asian currencies, except the yen, at 113.33 yesterday, the highest level since August 2008, after China reported its economy grew by 11.9% from last year. Singapore’s gross domestic product rose by 32.1% in the last three months until March 31, higher than the previous quarter.

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