Emerging currencies gain on greenback

Story link: Emerging currencies gain on greenback

Emerging markets currencies made gains on the US dollar Wednesday on fears of more trouble in global equities markets.

The Korean won added 0.1 percent to Won941.80, while the South African rand added 1 percent to R7.2200 to the dollar and the Turkish lira jumped 1.5 percent to TL1.3200.

Major currencies also rose versus the greenback, with the dollar down 0.3 percent to $1.3650 versus the euro and 0.7 percent lower to $2.0150 in relation to sterling in midday trade in New York.

The yen, however, fell 0.8 percent to ¥115.10 against the US currency, while it dropped 1.1 percent to ¥157.05 in relation to the euro, lost 1.3 percent to ¥94.05 against the Australian dollar, was 1.5 percent lower to ¥80.62 in relation to the New Zealand dollar. and retreated 1.5 percent to ¥231.90 versus the pound.

Much of the decline in the yen was attributed to institutional buying of the greenback in Japan, especially in the insurance sector.