* Rupee gains most in over 5 months
* South Korean won gains as much as 0.4%
* Taiwan dollar weakens before April export order data
(Adds text, updates prices)
By Aby Jose Koilparambil
May 20 (Reuters) - The Indian rupee on Monday strengthened
over 1 percent after exit polls suggested the country's
just-concluded general election will give a fresh mandate to the
coalition led by Prime Minister Narendra Modi.
Modi is likely to return to power with an even bigger
majority in parliament after a mammoth election that ended on
Sunday, the exit polls showed, a far better showing than
expected in recent weeks. The rupee INR=IN put on as much as 1.2% to 69.36 against
the dollar, its best intraday percentage gain since Dec. 18.
Rushabh Maru, currency and commodity analyst with Anand
Rathi Shares and Stock Brokers, said most exit polls have
projected a "thumping majority" for the ruling government.
"This ensures policy continuity and required stability.
Hence it will attract long term investors," he said.
Votes will be counted on Thursday.
If the outcome matches the exit polls, "then the rupee may
head towards 68 levels in coming sessions," added Maru.
The rupee, which was under continual pressure in 2018 due to
higher oil prices and global risks, has gained about 0.3 percent
against the dollar this year.
The South Korean won KRW=KFTC put on as much as 0.4% to
1,191.50 against the dollar after a finance ministry official
said authorities are watching trades to see if large-scale
transactions, or herd-like behaviour, causes distortions in the
dollar-won exchange rate. In the broader market, the tensions around U.S.-China trade
talks continued to keep investors away from making big bets on
emerging markets.
The Chinese yuan CNY=CFXS bounced from a 5-1/2-month low
against the dollar hit last week, helped by a
firmer-than-expected midpoint and the central bank's pledge to
keep the currency stable.
Prior to market opening on Monday, the People's Bank of
China lowered its official midpoint CNY=PBOC for the eighth
straight day to 6.8988 per dollar, 129 pips weaker than the
previous fix of 6.8859. Monday's fixing was the softest since
Dec. 24. The yuan strengthened up to 0.3%, its best intraday
percentage gain in over a week.
The Philippine peso PHP= and the Indonesian rupiah
IDR=ID were little changed.
The Taiwan dollar TWD=TP weakened as much as 0.2% ahead of
April data on export orders, an indicator of demand for Asia's
hi-tech gadgets.
Taiwan's export orders likely declined for a sixth month in
April but at a slower pace than in March, a Reuters poll showed,
as the island's manufacturers keep struggling with a drop in
global tech demand. Markets in Singapore, Thailand and Malaysia were closed on
Monday for a holiday. In offshore trading, the Singapore dollar
strengthened slightly.
The following table shows rates for Asian currencies against
the dollar at 0528 GMT.
CURRENCIES VS U.S. DOLLAR
Japan yen 110.170 110.07 -0.09
Sing dlr 1.376 1.3772 +0.11
Taiwan dlr 31.348 31.297 -0.16
Korean won 1192.800 1195.7 +0.24
Peso 52.640 52.69 +0.09
Rupiah 14450.000 14445 -0.03
Rupee 69.605 70.22 +0.88
Yuan 6.908 6.9188 +0.16
Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 110.170 109.56 -0.55
Sing dlr 1.376 1.3627 -0.94
Taiwan dlr 31.348 30.733 -1.96
Korean won 1192.800 1115.70 -6.46
Peso 52.640 52.47 -0.32
Rupiah 14450.000 14375 -0.52
Rupee 69.605 69.77 +0.24
Yuan 6.908 6.8730 -0.50