Dec 21 (Reuters) - Most Asian emerging currencies and equities traded in the positive territory on Tuesday, with the Indian rupee and Malaysian ringgit leading gains, but markets remained under pressure amid the overarching effects of the Omicron variant.
Markets elsewhere in Asia have clawed back some losses, shrugging off a bruising Wall Street session, helped by higher U.S. stock futures and investors buying some battered stocks, although surging Omicron cases remained a worry for investors.
The Indian rupee strengthened 0.4% to hit a one-week high, Malaysian ringgit and the Indonesian rupiah firmed about 0.4% each while the Philippine peso strengthened 0.2%.
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Among losers, South Korean won lingered at a three-week low of 1,190.9, the Philippine peso lost 0.2%, and the Thai baht hit a two-week low as surging Omicron cases clouded the prospects of the tourism-reliant economy.
"Depreciation pressures on (the) Thai baht continue as disruptions to domestic and regional tourism from the spread of Omicron weighed on economic recovery prospects," analysts at Mizuho Bank said in a note.
The Bank of Thailand (BoT) is expected to hold interest rates at a record low on Wednesday, and through next year, according to economists in a Reuters poll, to bolster an economy still grappling with the fallout of the pandemic.
Analysts at Australia and New Zealand Banking Group expect the BoT to start considering policy normalisation only in 2023.
The Thai baht has been the worst performing currency in the region so far this year. The unit is on track to lose more than 11% in 2021 - its biggest annual fall since 2000 - pressured by a strong U.S. dollar and the drying up of foreign inflows.
Regional equities were broadly in the green on Tuesday, with India's Nifty 50 (.NSEI) rebounding 1.7% on strength in information technology and metal stocks, while Singaporean shares (.STI) added about 0.5% after two days of losses.
Philippine shares (.PSI) slipped up to 0.8%, marking their second straight day in the red, while stocks in Indonesia (.JKSE) and Malaysia (.KLSE) were steady in a tight range.
Malaysian glove manufacturers such as Top Glove Corp (TPGC.KL), Hartalega Holdings (HTHB.KL) and Kossan Rubber Industries (KRIB.KL) declined between 2% and 8%. The U.S. Customs and Border Protection banned imports from Brightway Group over suspected forced labour practices.
Malaysia's government and companies must address mounting allegations of workplace abuse of migrant labourers who fuel the country's economy, or face risks to its export-reliant growth model, experts have warned. read more
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Reporting by Sameer Manekar in Bengaluru; Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles.
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December 21, 2021 at 01:56PM
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Most Asian currencies, stocks rise, but Omicron worries loom - Reuters
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