The rupiah hit a two-month high and was headed for its best week since early November as the country's quarterly economic output data on Wednesday hinted at mild recovery and as foreign investors returned to the country's high-yielding bonds. An exodus of outflows, dividend repatriation pressure and concerns about Bank Indonesia's autonomy had seen the rupiah slump this year, but it recently found favour among yield-seekers as the Federal Reserve asserted a dovish stance.
Singapore's Oversea-Chinese Banking Corp more than doubled its quarterly profit on Friday as it handily beat market estimates thanks to a robust performance in its wealth management business and a drop in credit allowances. The results rounded up a strong showing by Singapore lenders DBS Group and United Overseas Bank in tandem with a recovering global economy that is helping boost bank earning across many countries.
United Overseas Bank, Singapore's smallest listed lender, reported an 18% rise in first-quarter net profit on Thursday, boosted by strong fee income growth, a decline in impairment charges and strong credit demand.