Asian currencies down on greenback rally, ringgit falls the most as crude prices fall

Singapore dollar and Malaysian ringgit have moved off 8-month highs.

Asian currencies weakened on Thursday led by the Malaysian ringgit as positive US economic data as well as expectations of dovish overtones at the European Central Bank meeting later on the day drove the greenback higher.

The Singapore dollar slipped to 1.3480/US dollar from the previous close of 1.3443, moving further off the fresh 8-month high of 1.3350 hit on Monday.

The Thai baht weakened 0.6% on Thursday to 35.10/USD. The Thai currency was at a 1-month high of 34.83 on Monday.

The Malaysian ringgit fell 0.9% on the day to 3.9010, distancing further from the 8-month high of 3.8405 touched on Tuesday.

The slide in crude oil prices after EIA (Energy Information Administration) data showed stockpiles increased more than expected weighed on the ringgit.

The Indian rupee weakened 0.23% to 66.325 while the Chinese yuan slipped 0.30% to 6.4850.

Existing homes sales in March came at 5.33 million beating market expectations near 5.30 million and more than the February figure of 5.07 million, data showed late Wednesday.

The ECB is scheduled to announce its monetary policy at 11:45 am GMT (7:45pm in Singapore).

Market players doubt if the ECB has more tools in its kitty to boost growth as critics have already started blaming the central bank saying it has already done more.

The euro had slipped more than 0.5% on Wednesday and has extended the low to $1.1286 on Thursday.