Paul Mackel, Head of Asia Currency Research at HSBC, says the rupee's outperformance during the emerging market selloff could mean that it no longer belongs in the "fragile five."
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Commodity currencies were the star performers early in Asia on Monday in what would otherwise have been a featureless start to a heavy week of central bank policy meetings.
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The euro stayed on the back foot in Asia on Wednesday, having suffered a steep fall against the Swiss franc and the dollar after Moody's slashed Portugal's credit rating to junk status.
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The euro rose against the dollar Monday on hopes Greece's parliament will approve an austerity package this week and the country will avoid a sovereign debt default.
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