The Indian rupee was the main mover in Asia trading. USDINR gapped 0.8% lower to 59.60, its lowest level since July 2013, as exit polls projected a strong victory for the BJP-led coalition. The rest of Asian FX price actions were subdued, with the PHP falling 0.2% to 43.79 and the IDR flat at 11528. The PBoC fixed USDCNY 11 pips higher at 6.1636.The EUR briefly touched 1.3766 before returning to the NY closing level of 1.3758. USDJPY rose steadily to 102.24, helped by a modest rise in US yields overnight to 2.66%. The AUD edged slightly lower to 0.936 ahead of the budget announcement later today.
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Credit Suisse