* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA
* Uncertain monetary policy clouds outlook for rupiah
* Philippine stocks down nearly 2%
* Other Asian risk assets boosted by hopes of global
stimulus
By Shriya Ramakrishnan
July 17 (Reuters) - Indonesia's rupiah fell to a near
two-month low on Friday, a day after the central bank cut
interest rates for a fourth time this year, trailing other Asian
currencies that were supported by hopes of more stimulus to
shore up the battered global economy.
With Indonesia also recording one of the highest COVID-19
death rates in east Asia outside China, stocks .JKSE in the
country edged lower and the rupiah IDR= weakened 0.7% to
14,660 a dollar, on course for weekly declines of about 2%.
Bank Indonesia cut its benchmark interest rate on Thursday
to 4.00%, as expected, but said further reductions would depend
on indicators such as inflation in Southeast Asia's largest
economy. It also did not mention if it had changed its full-year
outlook for gross domestic product. "While the burden sharing scheme could benefit Indonesia's
economy, there is fear that the central government wouldn't be
able to realise its planned spending," said Anthony Kevin, an
economist at Mirae Asset Sekuritas Indonesia.
"This is why market participants were also looking for clues
regarding the possibility of another rate cut."
In Thailand, the baht THB=TH hovered near six-week lows,
with investors growing concerned about the government's fiscal
response to the coronavirus crisis following the resignation of
finance chief Uttama Savanayana and two other ministers.
"Some of the USD/THB selling in the last hour may be some
profit taking and potentially owing to the fact that this surge
in volatility could see increased scrutiny from the central
bank," said Jingyi Pan, market strategist at IG Asia.
Offering some relief, Thailand's central bank said on
Thursday it expected headline inflation to recover to 1%-3% in
the second quarter of 2021 after an expected minus 1.7% this
year. Stocks across Asia's developing and emerging markets clocked
modest gains, helped by a bounce back in U.S. stock futures as
hopes of more government spending helped counter worries about
the surge in global coronavirus cases. MKTS/GLOB
Philippine stocks .PSI , however underperformed, gripped by
fears of further economic pain from the pandemic as the country
reported its biggest daily spike in confirmed infections in more
than a week.
The benchmark stock index was down nearly 2% and was set for
its second straight weekly decline.
HIGHLIGHTS:
** Indonesian 10-year benchmark yields are up 1.4 basis
points at 7.057%
** Top gainers on FTSE Bursa Malaysia Kl Index .KLSE
include Top Glove Corporation Bhd TPGC.KL up 12.89% at 22.24
ringgit, Hartalega Holdings Bhd HTHB.KL up 4.49% at 16.3
ringgit, Hap Seng Consolidated Bhd HAPS.KL up 2.78% at 8.87
ringgit
** In the Philippines, top index decliners are SM Prime
Holdings Inc SMPH.PS down 4.28% at 31.3 peso; Ayala Land Inc
ALI.PS down 3.5% at 31.8 peso; Robinsons Land Corp RLC.PS
down 2.43% at 16.06 peso
Asia stock indexes and
currencies at 0419 GMT
COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS
DAILY % % DAILY YTD %
%
Japan JPY= +0.06 +1.32 .N225 -0.33 -4.06
China