* Rupiah rises to late-Feb highs
* Malaysian stocks, currency get boost as economy reopens
* Philippine's economy seen contracting 1.9% in 2020 - World
Bank
(Adds text, updates prices)
June 9 (Reuters) - Most emerging Asian currencies gained
further ground against the dollar on Tuesday as easing
coronavirus restrictions in the region fuelled hopes for a quick
economic recovery from a coronavirus-induced slump.
Leading gains in the region, the Indonesian rupiah IDR=ID
firmed 0.8% - recouping much of Monday's losses to trade near
late-February highs. The South Korean won KRW=KFTC advanced
0.6% to a near three-month peak.
With many countries across the globe beginning to unwind
lockdown measures in place since March, a surprise fall in the
unemployment rate in the United States last week bolstered hopes
that a global recovery may be swifter than was initially
expected.
The regional advances also come ahead of a two-day U.S.
Federal Reserve policy meeting that starts later on Tuesday,
with investors keeping an eye on the Fed's next move.
There is not expected to be any change to interest rates,
and futures pricing shows investors have abandoned expectations
of rates dipping below zero next year. Asian stock markets also advanced, with Malaysia's .KLSE
stock exchange leading the pack in Southeast Asia. .SO
The ringgit MYR= strengthened 0.2% to 4.258, with equity
markets in the country surging to their highest since January
after a long weekend. The country said it would reopen nearly
all economic activity and allow interstate travel starting on
June 10. As risk sentiment improves and volatility in equity and
currency markets decreases, investors chasing higher yields will
turn their focus to catch-up trades in the developing world,
said Stephen Innes, the chief global markets strategist at
AxiCorp.
He singled out the ringgit as one currency that could
benefit as sentiment improves across its peers.
Elsewhere, the Philippine peso PHP= dipped after the World
Bank said the country's economy will likely contract by 1.9%
this year, which would mark the first decline in GDP since the
Asian financial crisis in the late 1990s. VS U.S. DOLLAR AS AT 0525 GMT
Currency Latest bid Previous day Pct Move
Japan yen 108.030 108.42 +0.36
Sing dlr 1.390 1.3873 -0.17
Taiwan dlr 29.741 29.811 +0.24
Korean won 1197.500 1204.8 +0.61
Baht 31.340 31.42 +0.26
Peso 49.980 49.88 -0.20
Rupiah 13860.000 13970 +0.79
Rupee 75.490 75.54 +0.07
Ringgit 4.258 4.265 +0.16
Yuan 7.079 7.0701 -0.12
Change so far in 2020
Currency Latest bid End 2019 Pct Move
Japan yen 108.030 108.61 +0.54
Sing dlr 1.390 1.3444 -3.25
Taiwan dlr 29.741 30.106 +1.23
Korean won 1197.500 1156.40 -3.43
Baht 31.340 29.91 -4.56
Peso 49.980 50.65 +1.34
Rupiah 13860.000 13880 +0.14
Rupee 75.490 71.38 -5.44
Ringgit 4.258 4.0890 -3.97
Yuan 7.079 6.9632 -1.63