(Corrects name of analyst and bank in paragraph 3)
* Indonesia reports first death from COVID-19
* Coronavirus cases jump in S. Korea
* Malaysian ringgit gains after losing for 3 sessions
By Anushka Trivedi
March 11 (Reuters) - Indonesia's rupiah fell on Wednesday
after the country reported its first coronavirus-related death,
while other Asian currencies traded in a thin range due to the
uncertainty over proposed government measures to limit the
economic impact of the epidemic.
The market has been hoping for concrete details of U.S.
President Donald Trump's promise for "very major" stimulus
moves, but the lack of an announcement has left investors
hanging.
"This could set the direction of risk appetite, and thus
Asian currencies, in the short-term. Markets are trading day by
day, assessing the severity and spread of COVID-19 globally,"
said Wei Liang Chang, a macro strategist at DBS Bank.
The dollar fell more than 1% against the safe-haven yen
JPY= FRX/ .
In Indonesia, the central bank governor said the outlook for
economic growth this year could be lowered when it holds its
policy meeting next week. The rupiah IDR=ID dropped 0.3% after the country confirmed
its first death due to the virus. The government had also pledged fiscal support to help
stimulate the economy, but economists questioned how much
additional spending could be provided, given weak revenue
collection so far this year.
"It is imperative that policy-makers collaborate to roll out
coordinated measures that are emphatic; leaving no doubts about
the constructive solidarity of the global response," Mizuho bank
analysts said in a client note.
Financial markets took a pounding on Monday after Saudi
Arabia and Russia's price war triggered an oil price crash and
deepened the gash caused by the coronavirus epidemic to the
global economy.
Elsewhere, the South Korean won KRW=KFTC was little
changed against the dollar. The country reported a jump in cases
on Wednesday, compared with a day earlier where it saw a decline
in the rate of new infections. The Philippine peso PHP= and Thai baht THB=TH also fell.
The Indian rupee INR=IN , emerging from a holiday on
Tuesday, advanced 0.4% after losing close to 1% over the last
three days. The Singapore dollar SGD= and Chinese yuan
CNY=CFXS also gained.
The ringgit MYR=MY gained 0.3%. The country's newly
appointed prime minister said his cabinet will form an economic
action council to tackle serious issues affecting the country's
economy such as the drop in global oil prices and the outbreak.
VS U.S. DOLLAR AS AT 0635 GMT
Currency Latest bid Previous day Pct Move
Japan yen 104.500 105.63 +1.08
Sing dlr 1.389 1.3914 +0.17
Taiwan dlr 30.068 30.036 -0.11
Korean won 1193.000 1193.2 +0.02
Baht 31.510 31.49 -0.06
Peso 50.523 50.45 -0.14
Rupiah 14380.000 14340 -0.28
Rupee 73.800 74.11 +0.42
Ringgit 4.230 4.242 +0.28
Yuan 6.946 6.9558 +0.14
Change so far in 2020
Currency Latest bid End 2019 Pct Move
Japan yen 104.500 108.61 +3.93
Sing dlr 1.389 1.3444 -3.22
Taiwan dlr 30.068 30.106 +0.13
Korean won 1193.000 1156.40 -3.07
Baht 31.510 29.91 -5.08
Peso 50.523 50.65 +0.25
Rupiah 14380.000 13880 -3.48
Rupee 73.800 71.38 -3.28
Ringgit 4.230 4.0890 -3.33
Yuan 6.946 6.9632 +0.25