Most emerging market currencies have staged a comeback in recent weeks, as the greenback weakened broadly after soft economic data fueled speculation that the U.S. Federal Reserve may leave interest rates lower for longer.
In early Asian trade, the U.S. dollar was fetching 2.5731 Turkish lira, as the Turkish currency strengthened to its highest level in four weeks, well off the greenback's record of 2.7435 lira, touched on April 24.
South Africa's also traded a whisker away from its nearly six-week high, with the U.S. dollar fetching 11.8232 rand early Monday, after touching 11.7890 rand in the previous session.
However, the Indonesian rupiah unexpectedly halted its recent upswing after April trade data released Friday showed the Southeast Asian economy logging its fifth straight month of trade surplus. While the latest surplus could improve Indonesia's current account deficit, it resulted from imports falling more rapidly than exports, indicating the economy remained sluggish at the start of the second quarter.
The rupiah lost 0.2 percent of its value against the U.S. dollar, with the greenback fetching 13,121 rupiah in early trade.
Which of these currencies you would be willing to buy:
