Indonesian rupiah, Malaysian ringgit fall most among tepid Asia FX
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On October 28, 2024, the Indonesian rupiah fell 0.6% to its lowest level since mid-August, while the Malaysian ringgit declined 0.5% to its lowest since early-September. The rupiah is on track for its biggest monthly fall since March 2020, and the ringgit is expected to log its worst monthly performance since late-2016. Strong U.S. economic data has diminished expectations for Federal Reserve rate cuts, leading to a rise in the dollar, which is set for its sharpest monthly rise in about 2.5 years. Analysts note that U.S. assets remain attractive, impacting emerging market currencies. The Philippine peso and South Korean won saw slight gains, while China's yuan fell to a two-month low. Upcoming U.S. employment data on October 31 is highly anticipated.

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https://www.nst.com.my/business/economy/2024/10/1126570/indonesian-rupiah-malaysian-ringgit-fall-most-among-tepid-asia-fx