SINGAPORE - The high-yielding Indonesian rupiah took a hit on Tuesday due to persistent concerns about the global economy, while the Philippine peso trimmed losses after data showed a smaller-than-expected budget deficit.

The South Korean won and Indian rupee were also among the worst hit in Asia as risk-averse investors dumped regional stocks while snapping up the Japanese yen.

Rupiah
    
The Indonesian rupiah dipped 1 percent to 10,425 per dollar, lowest in just over a month, as investors continued to take profits from a recent rally in local stocks and bonds.

"Dollar/rupiah is still very the biddish," said a Jakarta-based dealer. "We see a lot of dollar demand from onshore clients and offshore profit-taking on bonds and equities."

Some traders suspected the central bank had sold dollars to support the rupiah, which has shed nearly 5 percent since June 5.

Meanwhile, six-month dollar/rupiah non-deliverable forwards rose to 11,105, implying a 6.1 percent rupiah fall from the spot compared to 6.4 percent on Monday.

Spreads between the six-month NDFs and onshore forwards narrowed to 260 points fro 290 points the previous day.
    
Peso

The Philippine peso lost as much as 0.4 percent to 48.645 per dollar, lowest in nearly one month, as investors dumped local stocks due to concerns about the global economy.

"Dollar/peso is tracking the risk aversion sentiment globally, which is why dollar/peso is well supported," said a trader in Manila.

The peso later edged up and stabilized near 48.62, still down from Monday's close, after data showed the Philippine budget deficit swung to P11.4 billion in May, which was was smaller than what the market had anticipated.

Three-month dollar/peso NDFs edged up to 49.18, implying a 1.1 percent peso fall from the spot compared to 2 percent on Monday.

"The peso will be a bit weaker in the short term because of the broad dollar strength," said Joseph Tan, an economist at Credit Suisse in Singapore.

But he expected the peso to recover over the longer term, probably hitting P46 per dollar in 12 months.