* Indonesian rupiah falls over 1%
* India's virus count crosses 1,000
* Singapore eases monetary policy
(Adds text, updates prices)
By Shriya Ramakrishnan
March 30 (Reuters) - Most emerging Asian currencies weakened
against the dollar on Monday on deepening concerns over the
economic damage from the coronavirus pandemic that has killed
nearly 34,000 people around the world and pushed countries to
enforce lockdowns.
U.S. President Donald Trump on Sunday extended guidelines
for social restrictions to April 30, while British authorities
warned that lockdown measures could last months. The International Monetary Fund also warned on Friday that
the pandemic has already driven the global economy into
recession and countries must respond with "very massive"
spending. "With this reality check and expectations for the onslaught
of weak March numbers across various economies, it is no
surprise we are seeing market sentiment staying weak, one to
keep the haven assets including the U.S. dollar buoyed," Jingyi
Pan, market strategist at IG Asia said.
"The strong pull from the fiscal packages may help one get
back on his feet after a fall, but to continue walking we might
still need to see the road ahead first."
The Indonesian rupiah IDR=ID led declines, slipping 1.5%,
and the South Korean won KRW=KFTC fell 0.9%.
With the South Korean economy being closely linked to global
supply chains and Indonesian assets perceived as a risk
barometer due to the high yields they offer, both the won and
rupiah have witnessed increased volatility due to the pandemic.
Denting sentiment further was a rise in new coronavirus
cases in both the countries, with Indonesian capital Jakarta
announcing a two-week extension of its state of emergency.
The Indian rupee INR=IN weakened 0.7%, as the number of
infections surpassed 1,000 in Asia's third-largest economy,
showing no signs of slowing despite a spate of measures by the
central bank and a nationwide lockdown. The Malaysian ringgit MYR= traded 0.4% lower and the Thai
baht THB=TH edged down.
The Singapore dollar SGD=D3 rose as much as 0.5% to 1.422
against the greenback. While its central bank aggressively eased
monetary policy, it was still not as bold as some in the market
had expected, which lent some support to the local currency.
"We were expecting the magnitude of the re-centering to be a
bit larger but it's a pretty aggressive move in itself already
and we have to see how things pan out by the next policy
meeting," Brian Tan, an economist at Barclays said.
CURRENCIES VS U.S. DOLLAR
Change on the day at
0628 GMT
Currency Latest bid Previous Pct
day Move
Japan yen 107.690 107.89 +0.19
Sing dlr 1.426 1.4268 +0.06
Taiwan dlr 30.210 30.236 +0.09
Korean won 1221.800 1210.6 -0.92
Baht 32.610 32.58 -0.09
Peso 50.940 51.11 +0.33
Rupiah 16350.000 16100 -1.53
Rupee 75.340 74.89 -0.60
Ringgit 4.343 4.325 -0.41
Yuan 7.094 7.0970 +0.04
Change so far in 2020
Currency Latest bid End 2019 Pct
Move
Japan yen 107.690 108.61 +0.85
Sing dlr 1.426 1.3444 -5.72
Taiwan dlr 30.210 30.106 -0.34
Korean won 1221.800 1156.40 -5.35
Baht 32.610 29.91 -8.28
Peso 50.940 50.65 -0.57
Rupiah 16350.000 13880 -15.11
Rupee 75.340 71.38 -5.26
Ringgit 4.343 4.0890 -5.85
Yuan 7.094 6.9632 -1.85