| Asian currencies weakened, led by South Korea’s won and Singapore’s dollar, as Europe’s worsening sovereign-debt crisis reduced demand for higher-yielding emerging-market assets.
The MSCI Asia-Pacific Index of regional shares dropped to the lowest level since March after Fitch Ratings cut Greece’s credit rating by three levels on May 20, citing the challenge of fiscal and structural reform needed to secure the state’s solvency. Standard and Poor’s lowered Italy’s rating outlook to negative on the same day..............................................Full Article: Source
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