During Thursday's Asian trading, most Southeast Asian currencies plunged against the U.S. dollar as a slump in most Asian stocks decreased demand for emerging market assets. The currencies of South Korea, Philippine, Thailand, Malaysia, China, Taiwan and Singapore dropped against the greenback.

On the other hand, the Indian rupee and the Pakistan rupee showed strength against the dollar.

Most of the Stock markets across the Asia Pacific are trading lower today with the overnight weak close on Wall Street pushing participants on to a defensive mood. Markets in Hong Kong, South Korea, Shanghai, Singapore, New Zealand and Taiwan are trading notably lower. The Japanese and Indonesian stock markets, which had an extended weekend, are trading in positive territory with notable gains. Stock markets across the region had turned in another mixed performance on Wednesday.

Thursday morning in Asia, the Malaysian currency showed weakness against its US counterpart. The ringgit reached a low of 3.481 against the dollar by 8:50 pm ET, down 0.6 percent from yesterday's fresh 2009 high of 3.4615. The dollar-ringgit pair, which closed Wednesday's deals at 3.4675, is currently worth 3.4774 with 3.49 seen as the next target level.

The Philippine peso plunged to 47.59 against the US dollar on Thursday morning in Asia, compared to yesterday's close of 47.27. On the downside, the peso is likely to test support around the 47.68 level.

The Taiwan dollar lost ground against the US dollar during early Asian trading on Thursday. The domestic currency dropped to a 2-day low of 32.4095 against the greenback by 9:10 pm ET, compared to Wednesday's New York session closing value of 32.357. On the downside, 32.47 is seen as the next target level for the Taiwan dollar.

Taiwan's central bank will announce its decision on interest rates today, with analysts are expecting the bank to keep rates on hold at the current 1.25 percent.

The Singapore dollar dropped to a 2-day low of 1.4175 against the US dollar in early Asian trading on Thursday, down 0.8 percent from yesterday's 1-year high of 1.4076. If the domestic unit declines further, support is seen around the 1.42 level. The pair closed yesterday's deals at 1.4135.

During Thursday's early Asian deals, the South Korean won declined to 1198.10 against the dollar. The next downside target level for the Korean currency is seen at 1210.10. The dollar-won pair was worth 1192.60 at Wednesday's close.

Extending its 2-day winning streak, the Indian rupee advanced to 47.83 against the US dollar on Thursday morning in Asia. This set the highest level for the rupee since August 14. On the upside, resistance is likely to be seen around the 47.78 level for the domestic currency.

The Chinese yuan traded lower against its US counterpart during Thursday's early Asian trading. The yuan is now trading at 6.8310 versus the buck, and if it declines further 6.833 is seen as the next target level. At yesterday's New York session close, the pair was quoted at 6.8271.

The People's Bank of China has set today's central parity rate for the dollar-yuan pair at 6.8280. The pair is allowed to move 5% above or below the target rate.

Thursday in Asia the Pakistan rupee staged a sharp rise against its US counterpart. The Pakistan currency reached a high of 82.45 against the US currency by 11:50 pm ET, with 82.15 seen as the next upside target level. The pair closed Wednesday's deals at 82.71.

The Thai baht that closed yesterday's trading at 33.55 against the U.S. dollar weakened to 33.66 during early Asian deals on Thursday. The near term support for the Thailand currency is seen around the 33.78 level.

Across the Atlantic, the U.S. Labor Department is due to release its customary weekly jobless claims report for the week ended September 19th at 8:30 am ET. Economists expect a small increase in claims to 550,000. At 10:00 ma ET, the National Association of Realtors is scheduled to release its report on existing home sales for August. Economists estimate existing home sales of 5.35 million for the month.

The Chair of the White House Council of Economic Advisers Christina Romer is scheduled to deliver the keynote address to the Chicago Federal Reserve Bank's International Banking Conference in Chicago at 1 pm ET.

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