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Citigroup sees worst over for Asian currencies

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The world's biggest foreign- exchange traders say it's time to buy as outflows from the region ebb and the 's decision to maintain its record stimulus helps reverse a four-month slide.

The Bloomberg-JPMorgan Asia Dollar Index has risen 1.6 per cent since August 30, set for the best month since January 2012. Investors pumped $1.4 billion into equity funds in Asian emerging markets in the week ended September 18, the second straight period of inflows, according to EPFR Global data. They pulled $91.2 million from bond funds that week, compared with $310.8 million in the previous period.

"The market got ahead of itself in dumping Asian currencies and being risk-averse," Adam Gilmour, the head of Asia-Pacific foreign-exchange and derivatives sales at Inc, the second-largest currency trader, said September 19 from Singapore. "It's going to be game-on again. People should start getting back into Asian currencies now."

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