Concerns about possible US inflation also acted to push the US dollar higher against units such as the Indonesian rupiah and Malaysian ringgit.
Asia’s emerging currencies have have been hit hard by a wave of selling as financial markets bet on the prospect of Donald Trump pursuing protectionist trade policies. Despite stocks closing at an all-time high on Wall Street, investors across Asia turned cautious on Friday on fears that Trump could stifle access to the world’s biggest economy and that his expansionist fiscal plans could fire inflation at home and higher US interest rates. The greenback almost hit 107 yen for the first time since July in US trade and it maintained most of the gains in Asia, sitting at 106.62 yen – well up from the 101.20 yen touched in the initial panic of Trump’s win.
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