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By Catherine Bosley
The Indian rupee led Asian currencies lower, weakening in tandem with stocks amid a broader pullback in risk sentiment.
An index of major Asian currencies fell the most in more than a week, while MSCI’s gauge of emerging market stocks also retreated. Equity benchmarks in China and Hong Kong fell after data showed consumer inflation in the world’s second-largest economy dropped below zero for the first time in 13 months.
“China equities lower today” are driving down Asian currencies versus the dollar, said Lemon Zhang, a strategist at Barclays Plc.
Risk aversion picked up across financial markets on Monday, with investors buying gold, the yen and the Swiss franc due to concerns the period of US economic strength may be ending. A ratcheting up of tariffs and federal government layoffs are considered likely to crimp momentum in the world’s largest economy.
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Eastern European currencies such as the Czech koruna bucked the trend, trading little changed after gains earlier in the session.
Romania banned far-right candidate Calin Georgescu from its presidential election, triggering street protests and risking the wrath of the administration of US President Donald Trump, which had taken up his cause.
Romania’s electoral bureau said it rejected Georgescu’s candidacy at a meeting on Sunday after receiving more than 1,000 complaints, mostly that he was taking anti-democratic and extremist stances. Georgescu is known for praising Russian President Vladimir Putin.
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