Most Asian currencies strengthened on Monday against a weak dollar, while China’s modest growth target and U.S. Federal Reserve Chair Jerome Powell’s looming testimony prompted investors to turn cautious.
The South Korean won and the Indian rupee led the gains in the region. The rupee INR=IN strengthened 0.2% to hit its highest level since Feb. 2, while the S. Korean won KRW=KFTC and Malaysian ringgit MYR= appreciated 0.5% and 0.2%, respectively.
The Philippine peso PHP= and Singapore dollar SGD= were flat.
Fidelity Asian Values Plc (LON:FAS) provides shareholders with a differentiated equity exposure to Asian Markets. Asia is the world’s fastest-growing economic region and the trust looks to capitalise on this by finding good businesses, run by good people and buying them at a good price.