Janet Yellen spurs gains for Asia FX

Written by Reuters | Singapore | Updated: Nov 14 2013, 19:56pm hrs
Janet YellenJanet Yellen (AP)
The Indonesian rupiah led gains among emerging Asian currencies on Thursday as worries about capital outflows eased after Federal Reserve Vice-Chair Janet Yellen suggested that US economy may need stimulus for quite some time.

The rupiah received further support from demand by exporters. The currency has been seen as one of the most vulnerable when the Fed starts scaling back its bond-buying programme, given Indonesia's large current account deficit.

Investors covered short-positions in regional units including the South Korean won and the Malaysian ringgit.

India's rupee advanced after comments from the central bank chief about dollar demand from oil companies being smoothly absorbed by the forex market.

The Indian rupee pared some of its gains after the announcement that the wholesale price index was at an eight-month high in October.