* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Asian stock markets: https://tmsnrt.rs/2zpUAr4
* Weaker dollar pushes Asian currencies higher
* Thai stocks hit three-week high, baht firms
* Philippine stocks reverse early losses
By Harish Sridharan
April 29 (Reuters) - Asian shares and currencies rose on Thursday, as the dollar slipped to a near nine-week low after the U.S Federal Reserve maintained a dovish outlook and President Joe Biden proposed an $1.8 trillion stimulus package.
U.S Treasury yields fell overnight, pulling the dollar along with it, after Fed Chair Jerome Powell said "it is not time yet" to begin discussing any change in policy and quashed speculation on early tapering of asset buying. currencies are seeing relief gains on the back of the Fed's sanguine outlook on inflation, which implies that U.S. monetary policy is likely to remain accommodative and supportive of inflows into Asia," said Chang Wei-Liang, macro strategist (forex and credit) at DBS Bank.
Asian currencies including the Indian rupee INR=IN and the Indonesian rupiah IDR= strengthened 0.44% and 0.24%, respectively. The South Korean won KRW=KFTC rose 0.43% to touch its strongest level in more than two months.
"In the near term... Asia-Pacific EM currencies may continue to push higher against the greenback," said Daniel Dubrovsky, strategist at DailyFX. He, however, added that a downturn in sentiment could revive demand for the safe-haven dollar
"A key risk for these currencies, such as the Indonesian rupiah, Malaysian ringgit and Indian rupee, is rising borrowing costs from the United States. This would make the repayment of foreign debt more difficult."
Stocks in Asia gained on Fed's dovish stance, with most markets trading in the positive territory.
Indian shares .NSEI gained in volatile trading, as investors looked ahead to quarterly earnings even as the country posted a record rise in coronavirus cases and deaths over the last 24 hours, with overall caseload rising above 18 million. in Malaysia were closed on account of a local holiday.
Thailand's finance ministry cut the country's economic growth forecast to 2.3% from the 2.8% growth it projected earlier, as the country continues to face the brunt of a third wave of coronavirus infections. benchmark stock index .SETI , however, extended gains from the previous day and scaled a more than three-week peak, while the baht THB=TH rose 0.42%.
Stocks in Manila .PSI reversed to positive territory, after falling as much as 0.8% in early trading, with utilities and technology stocks leading gains. Highlights
Asia stock indexes and
currencies at 0735 GMT
INDEX STOCKS STOCK
DAILY YTD %
DAILY S YTD
-0.21 -5.13 .N225
0.21 5.87 China
+0.16 +0.93 .SSEC
0.52 0.05 India
+0.44 -1.30 .NSEI
0.30 6.63 Indonesia
+0.24 -2.90 .JKSE
0.64 0.57 Philippines PHP=
+0.19 -0.69 .PSI
0.28 -9.13 S.Korea
+0.43 -1.99 .KS11
-0.23 10.46 Singapore
+0.02 -0.29 .STI
0.09 13.31 Taiwan
-0.04 +1.91 .TWII
0.00 19.24 Thailand
+0.42 -4.04 .SETI
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.