Asian currencies declined, with South Korea’s won retreating from a one-year high, on speculation central banks will act to curb gains in the region’s currencies to protect exporters.

The won dropped 0.5 percent to 1,169.95 per dollar as of the 3 p.m. local close in Seoul, according to data compiled by Bloomberg. It earlier today touched 1,164, the strongest level since September 2008. The Taiwan dollar weakened 0.2 percent to NT$32.29. The ringgit slipped 0.1 percent to 3.4010.
Malaysia’s ringgit retreated from its highest level in 13 months as the Singapore dollar weakened after the city’s central bank announced no changes to the width or center of an undisclosed band in which the currency is allowed to fluctuate against a basket of currencies.
Singapore was Malaysia’s second- largest export market in August.
The Singapore dollar fell 0.5 percent to S$1.4002, its biggest decline since August.
The Thai baht fell for a second day on speculation the central bank will curb gains after the currency rallied to the highest level in 15 months, pushing up the cost of exports.
The Philippine peso weakened 0.3 percent to 46.625 versus the greenback, Indonesian rupiah slipped 0.3 percent to 9,485 and India’s rupee fell 0.4 percent to 46.58. China’s yuan was little changed at 6.8248.
(Source: Bloomberg)