India rupee traded at 63.22 to a US dollar. Lost nearly 16% since May. This is going to impact its economic
Indonesia, Jakarta Composite Index fell 4.9% on Tuesday. Its index has fallen 21% from its high in May. Rupiah traded at about 10,694 to a US dollar. Down nearly 11% since the start of this year. Deficit widened to $9.8bn from $5.8bn in the previous 3 months. Foreign currency reserves fells to $92.67bn in July, from $98.09bn a month earlier. Deficit hurt investor morale. Inflation spiked in July, rising 7.4% y/y on the back of June’s fuel price hikes.
Thailand, reported its second quarter GDP contraction by 0.3%, followed a previous fall of 1.7% during the first quarter of 2013. Thailand had been recording strong economic growth, outspacing other economic in the region, with expansion of more than 6% during 2012. Like Indonesia, weak export and domestic demand, plus trading business confidence. Investors start pulling out their fund from Asia.
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