Asia EM FX: Indian rupee further higher as ringgit, rupiah and baht pare gains

The Indian rupee extended its gains on Friday (19 June) and hit a near three-week high while most of its peers in the Asia region failed to keep the previous days' momentum.

The USD/INR slipped to 63.64, its lowest since 2 June, from the previous close of 63.76. The rupee had risen 0.60% on Thursday with the pair shedding some 43 pips on the day.

Technically, the pair has once again failed to break through the 64.50 mark to a new multi-year high as last month's peak of 64.35 was its highest since September 2013.

The slide this week has pushed the pair through the 14-day simple moving average keeping the 50-day SMA of 63.58 the next near term target.

Meanwhile, the USD/THB rose to 33.69 from Thursday's close of 33.63 and the USD/MYR edged higher to 3.7201 from 3.7095. The USD/IDR has risen to 13,350 from 13,307.

Data from Malaysia showed consumer price inflation rate has rallied to a five-month high of 2.1% in May.

Asian units other than the rupee have weakened on Friday tracking the broad dollar performance, traders said. The USD index rose to 94.25 from Thursday's close of 94.07, further distancing from a one-month low of 93.58 touched earlier that day.

The market is waiting for fresh cues from the eurozone on the Greek debt crisis. Although the default risks and EU exit risks of Greece have increased manifold of late, market participants largely share a view that some solution will be worked out to avert a large-scale systemic collapse.

The week has been noted for a crucial Eurogroup meeting that began on Thursday and the Federal Reserve policy decision a day before.

The Fed sounded more dovish than expected at the meeting as there was no hint of a September hike in the official interest rate, strengthening a view that the world's largest economy will likely push forward its first hike since 2006 towards early next year.

On Friday, the EUR/USD slipped to 1.1332 from the previous close of 1.1359, further off Thursday's one-month high of 1.1437.