* S. Korean won weakens the most
* Indian rupee little changed after Friday's jump
* US-China outlook, Mideast tensions dent sentiment
(Adds text, updates prices)
By Shreya Mariam Job
Sept 23 (Reuters) - Most Asian currencies were little
changed on Monday as investors weighed the mixed signals from
concluded deputy-level trade negotiations between Beijing and
Washington, while the Korean won weakened on poor trade data.
Officials of United States and China described trade talks
between the two nations in Washington as "productive" and
"constructive". However, on Friday a delegation of Chinese agriculture
officials cancelled their trip to U.S. farm states to return to
China earlier than originally scheduled, leaving investors
uncertain on the direction of the negotiations. The uncertainty caused the yuan CNY=CFXS to weaken 0.3% to
its lowest level in nearly two weeks.
Also impacting emerging currencies was the United States
ordering additional troops to be deployed in the Gulf region to
strengthen Saudi Arabia's air and missile defences, following
the Sept. 14 attack on Saudi Arabian oil facilities.
Vishnu Varathan, senior economist at Mizuho Bank, said in a
note on Monday the U.S. move suggests that this week will see
"defensive" trades in Asian currencies.
"EM Asia FX could be left on the back foot," he said.
KOREAN WON
The South Korean won KRW=KFTC declined the most among
Asian currencies weakening 0.5% after data showed a slump in the
country's exports for the first 20 days of September.
The customs agency of the country said exports to China
plummeted 29.8% during Sept. 1-20, aggravating concerns of the
impact of the prolonged and bruising Sino-U.S. trade war.
With South Korea often seen as a bell-weather of global
growth, concerns of a slowdown in global growth continued to
worry investors.
INDIAN RUPEE
The Indian rupee INR=IN traded in a tight range as
investors processed the government's decision on Friday to ease
corporate tax rates.
India cut corporate tax rates in a surprise move designed to
woo manufacturers, revive private investment and lift growth
from a six-year low that has led to major job losses and fuelled
discontent in the countryside. A rally in the country's stock markets had helped the rupee
firm as much as 0.9% on Friday to its strongest level since Aug.
9.
However, the move is also expected to cut revenue by 1.45
trillion rupees ($20.4 billion) in the current fiscal year.
Given the tax cuts shouldn't be inflationary, the Reserve
Bank of India "might proceed with a modest (rate) cut" in
October, DBS said in a note.
The following table shows rates for Asian currencies against
the dollar at 0548 GMT.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0548 GMT
Currency Latest bid Previous day Pct Move
Japan yen 107.700 107.55 -0.14
Sing dlr 1.377 1.3769 +0.02
Taiwan dlr 30.971 30.980 +0.03
Korean won 1193.800 1188 -0.49
Baht 30.470 30.46 -0.03
Peso 52.040 52.03 -0.02
Rupiah 14075.000 14050 -0.18
Rupee 70.930 70.94 +0.01
Ringgit 4.165 4.168 +0.07
Yuan 7.114 7.0915 -0.32
Change so far in 2019
Currency Latest bid End 2018 Pct Move
Japan yen 107.700 109.56 +1.73
Sing dlr 1.377 1.3627 -1.01
Taiwan dlr 30.971 30.733 -0.77
Korean won 1193.800 1115.70 -6.54
Baht 30.470 32.55 +6.83
Peso 52.040 52.47 +0.83
Rupiah 14075.000 14375 +2.13
Rupee 70.930 69.77 -1.64
Ringgit 4.165 4.1300 -0.84
Yuan 7.114 6.8730 -3.39