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Investors turned bullish on the Indian rupee, the most in over three years while the Philippine peso bears returned for the first time since April last year, the latest Reuters poll of analysts and fund managers showed on Thursday.

Key findings

“Long-term bearish view on the greenback led to bullish bets being raised on most Asian currencies, including the Chinese yuan, the Indonesian rupiah, Singapore’s dollar and the Malaysian ringgit.”

“The biggest jump in positions was seen in the rupee, which has risen almost 1% in February on huge foreign fund inflows into equities as the Indian economy looks set to rebound sharply amid a sustained decline in COVID-19 cases and an uptick in business activity.”

“Investors reversed their positions to go short on the Philippine peso after the government extended curbs in Manila, which were set to end this month, until mass vaccinations begin.”

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