Dec 24 (Reuters) - Most Asian currencies inched higher on Friday, buoyed by hopes that the Omicron coronavirus variant won't damage the global economy too much, with the Indonesian rupiah pulling back from a near two-month high to trade almost flat.
Equity markets in the region were largely mixed in thin trade on Christmas Eve, while currencies clung to narrow gains against the dollar.
Indonesia's rupiah , the top gainer in Southeast Asia so far this year, traded almost flat after strengthening 0.5% earlier in the day to its highest since Nov. 1, while the Philippine peso and the South Korean won each firmed about 0.2%.
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The rupiah was also on track to add about 1% for the week, its best since mid-October.
Meanwhile, Bank Indonesia's governor said Indonesian bond rates could rise by 50 basis points (bps) from as soon as the third quarter next year, to match an expected hike of 50 to 75 bps in Treasury yields as the United States tightens monetary policy. read more
Indonesia's 10-year benchmark yields slipped for a fourth straight session to 6.385%, their lowest in a week, as investor inflow increased on brighter economic prospects, thus benefiting the currency.
Markets in the region were supported by a festive cheer following indications that the Omicron variant was less likely to lead to hospitalisation, and won't damage the economy too much as initially feared. read more
Vaccine makers AstraZeneca Plc (AZN.L) and Novavax Inc (NVAX.O) said their shots protected against Omicron, and data indicated both Merck (MRK.N) and Pfizer's (PFE.N) COVID-19 anti-viral pills were effective against the variant, providing another glimmer of hope to the markets.
That put pressure on the dollar, which slipped marginally against a basket of currencies. The U.S. dollar index was flat at 96.062, lingering near its one-week low.
Analysts at Mizuho Bank termed it as a "Santa pause", which seemed to be more a consequence of heightened uncertainty amid conflicting economic risks and policy signals, than a "risk-on" holiday-cheer rally as more clarity is needed on the Omicron variant.
Elsewhere in Asia, the Indian rupee appreciated for a fifth straight session and hit its highest in three weeks, supported by strong inflows to the equity market. The rupee was on track for a more than 1% weekly gain, its best since late April.
Among stock markets, Singapore (.STI) finished 0.4% higher in holiday-shortened trade, while South Korea (.KS11) and Indonesia (.JKSE) advanced about half a percent each.
China's benchmark stock index (.SSEC) declined 0.6% and bluechips (.CSI300) slipped 0.5%, a day after rising coronavirus infections in the northwestern city of Xi'an resulted in a lockdown of its 13 million residents. read more
Philippine (.PSI) and Indian shares (.NSEI) each shed about 1%, while Malaysia (.KLSE) and Thailand (.SETI) slipped in low trading volumes ahead of the Christmas weekend.
HIGHLIGHTS:
** Indonesian 5-year benchmark yields fall 3.5 basis points to 5.091%, their fourth straight session of losses
** HSBC buys India L&T's mutual fund arm for $425 mln in wealth expansion read more
** India's crude imports hit 10-month peak as refiners bank on strong demand
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Reporting by Sameer Manekar in Bengaluru; Editing by Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.
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