Thai baht lead currencies lower
Asian emerging market currencies and stocks were broadly lower on Tuesday amid concerns about China's economic outlook, with the South Korean won and the Thai baht leading losses as a rally in oil prices weighed on the region's net importing nations.
The Thai baht THB=TH weakened 0.3% ahead of the country's central bank meeting on Wednesday where it is widely expected to leave its key interest rate at a record low, while the South Koran won KRW=KFTC fell up to 0.5%.
The baht is the region's worst performing currency this year, having weakened more than 10% against the dollar.
Thailand's tourism-reliant economy has been hammered by a spike in COVID-19 cases and a delayed reopening to visitors, prompting the World Bank to cut its 2021 economic growth outlook to 1% from the 2.2% projected in July.
However, Thai stocks .SETI edged higher as a rally in oil prices on supply concerns led to a jump in heavyweight energy stocks such as PTT Exploration and Production PTTEP.BK, offsetting a fall in banks. O/R
Riskier emerging Asian stocks traded mostly in the red amid investor concerns about the future of cash-strapped real estate giant China Evergrande 3333.HK after it missed a bond interest payment last week, and worries power shortages in China could hurt its 2021 growth outlook.
Reference: Nasdaq
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