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* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3lKhL5I
* Bank of Thailand upgrades 2020 GDP outlook slightly
* Malaysian ringgit at near 2-week low amid political tussle
By Anushka Trivedi
Sept 23 (Reuters) - Malaysia's ringgit fell to a near
two-week low on Wednesday after opposition leader Anwar Ibrahim
claimed he had a majority in parliament, leading losses for
Asian currencies in a week dominated by a stronger dollar and
concerns over a coronavirus-driven downturn.
With most of the region's stock and currency markets lower,
the Thai baht THB=TH also lost around half a percent in the
run-up to a central bank meeting that kept interest rates at
record lows and marginally raised its forecast for 2020 gross
domestic product. An Anwar government would likely be seen as a positive by
financial investors in Malaysia but in the short-term, he faces
several barriers to oust Prime Minister Muhyiddin Yassin after
just seven months in charge. That, and the potential for another election, had analysts
focussing chiefly on the prospect of more political uncertainty
that could also threaten government efforts to dig the economy
out of a coronavirus-driven recession.
"Markets are prone to political dynamics, and the reflexive
MYR sell-off following the news is neither alarming nor
unexpected," said Wei-Liang Chang, a macro strategist at DBS
Bank.
"The longer-term consequences for the economy are still too
early to judge without political clarity."
The ringgit MYR= tumbled up to 0.8%.
Malaysia's benchmark stock index .KLSE also led losses
among Asian equity markets.
A steady uptick in coronavirus cases globally and impact on
economic growth have continued to exert pressure across Asian
markets this week.
The Indonesian rupiah IDR= dropped 0.3% in tandem with
peers while local stocks .JKSE slid as much as 1.2% and were
on course to fall for a third straight session.
Despite the government now expecting a steeper economic
contraction in fiscal 2020, analysts see very little scope of
any monetary policy changes from the central bank anytime soon.
"Bank Indonesia is now driven only by currency movement and
hence weakening currency is expected to deter any further rate
cuts," Kunal Kundu, India economist with Societe Generale said.
HIGHLIGHTS
** Singapore's 10-year benchmark yield is down 0.2 basis
points at 0.853%
** Top losers on Thailand's SETI .SETI include B-52
Capital PCL B52.BK down 12.5% and Baan Rock Garden PCL
BROCK.BK down 10.49%
** Top losers on FTSE Bursa Malaysia Kl Index .KLSE
include Axiata Group Bhd AXIA.KL down 1.9% and PETRONAS
Chemicals Group Bhd PCGB.KL down 1.78%
Asia stock indexes and currencies at
0748 GMT
COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS STOCKS YTD
DAILY % %
Japan JPY= -0.05 +3.48 .N225 -0.06 -1.31
China CNY=CFXS -0.15 +2.52 .SSEC 0.17 7.53
India INR=IN +0.04 -2.95 .NSEI -0.30 -8.62
Indonesi IDR= -0.27 -6.15 .JKSE -0.49 -22.06
a
Malaysia MYR= -0.51 -1.54 .KLSE -0.61 -5.80
Philippi PHP= -0.04 +4.43 .PSI -0.03 -24.60
nes
S.Korea KRW=KFTC +0.05 -0.69 .KS11 0.03 6.17
Singapor SGD= -0.15 -1.62 .STI 0.08 -23.50
e
Taiwan TWD=TP +0.35 +3.46 .TWII -0.49 4.89
Thailand THB=TH -0.48 -4.99 .SETI -0.23 -19.95