EMERGING MARKETS-Indonesia's rupiah leads Asian currencies lower; Indian rupee firms

By Reuters3 days ago


By Sameer Manekar

April 8 (Reuters) - The Indonesian rupiah led the decline among most of Asia's emerging currencies on Thursday after a proposal to expand the central bank's mandate got renewed support from President Joko Widodo.

Equities in the region broadly edged higher, with India's Nifty 50 .NSEI gaining nearly a percent in what would be a third straight day of gains. Philippine shares .PSI fell 1.7% to mark their sharpest fall in nearly three weeks, and ended a three-day streak of gains.

Indonesia's rupiah IDR=, which backs some of the highest-yielding debt in emerging markets, lost half a percent on a report that President Widodo was pushing to expand Bank of Indonesia's mandate to include economic growth and job creation.

Last year, his administration and some lawmakers fielded a draft bill to expand the central bank's mandate, drawing concerns among foreign investors - who hold a major chunk of the country's debt - over greater government oversight of the central bank.

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