By Shriya Ramakrishnan
Feb 12 (Reuters) - Currencies of export-focused Asian countries notched gains against the dollar on Wednesday, as a slowdown in the pace of new coronavirus infections fuelled hopes that the worst of the epidemic might be over.
China on Wednesday reported its lowest number of new coronavirus cases since late January, lending credence to a prediction from the country's senior medical adviser that the outbreak could be over by April.
An uptick in U.S. yields, as bond prices fell, and the accompanying rise in global equities suggested a slow return to higher investor risk appetites, with the dollar losing ground against Asian currencies. US/USD/
"It is important that we see containment efforts materialising into actual containment of the virus - new cases continue to slow, while recovery rises and outside-China spread is contained," Christopher Wong, a senior FX strategist at Maybank Singapore said.
The Thai baht THB=TH strengthened 0.5% to 31.11 against the greenback, while the Chinese yuan CNY=CFXS edged up.
The baht is the worst performing emerging Asian currency this year - a reversal from its position as Asia's best performing currency last year and in 2018 - as the virus outbreak hurts Thailand's lucrative tourism sector.
The South Korean won KRW=KFTC advanced 0.3%, while the Taiwan dollar TWD=TP also gained 0.3% to its strongest level in more than three weeks.
The Malaysian ringgit MYR= erased early gains to edge down 0.1%.
Malaysia's central bank said on Wednesday there was "ample room" for a rate cut after economic growth slowed to the weakest in a decade in the fourth quarter and the coronavirus outbreak threatened to pile more pressure this year.
The Indian rupee INR= inched lower, ahead of the release of inflation data later in the day. Inflation is expected to rise to a near six-year peak in January as food prices stayed high, according to a Reuters poll.
The Indonesian rupiah IDR= traded little changed, while the Philippine peso PHP= dipped slightly.
CURRENCIES VS U.S. DOLLAR
Change on the day at 0545 GMT
Currency
Latest bid
Previous day
Pct Move
Japan yen
109.850
109.77
-0.07
Sing dlr
1.385
1.3861
+0.09
Taiwan dlr
29.973
30.068
+0.32
Korean won
1177.600
1181.6
+0.34
Baht
31.110
31.275
+0.53
Peso
50.510
50.5
-0.02
Rupiah
13655.000
13660
+0.04
Rupee
71.240
71.23
-0.01
Ringgit
4.135
4.131
-0.10
Yuan
6.960
6.9660
+0.08
Change so far in 2020
Currency
Latest bid
End 2019
Pct Move
Japan yen
109.850
108.61
-1.13
Sing dlr
1.385
1.3444
-2.92
Taiwan dlr
29.973
30.106
+0.44
Korean won
1177.600
1156.40
-1.80
Baht
31.110
29.91
-3.86
Peso
50.510
50.65
+0.28
Rupiah
13655.000
13880
+1.65
Rupee
71.240
71.38
+0.20
Ringgit
4.135
4.0890
-1.11
(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Aditya Soni)
((Shriya.Ramakrishnan@thomsonreuters.com; +91 8061822842 ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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