Singapore dollar, Malaysian ringgit inch up on short-covering
REUTERS - The Singapore dollar and the Malaysian ringgit edged up on Tuesday as investors further reduced bearish bets on weakened views that the United States Federal Reserve may start scaling back its stimulus, while most emerging Asian currencies barely changed.
The Indian rupee weakened to within touch of a record low, pressuring bonds, although caution over potential intervention to support the currency limited its downside.
The Singapore dollar advanced on demand from leveraged funds. The ringgit gained as Malaysian government bond yields fell.
The US dollar slid further as data showed on Friday that US employers slowed the pace of hiring in July, raising expectations that the Fed may wait until late this year before reducing its bond-buying programme.