The Indian rupee pared nearly all of its sharp losses early on Monday, as it became clear that Prime Minister Narendra Modi&#39;s Bharatiya Janata Party (BJP) would comfortably win an election in his home state of Gujarat.&nbsp;Other emerging Asian currencies slipped as the dollar edged up.&nbsp;

At around 0350 GMT, the rupee was down as much as 1.1 per cent, its biggest intraday loss since May 18, as initial counting showed a close fight between the ruling BJP and the main opposition Congress.&nbsp;Later, three news television channels said the BJP won more than 100 of 182 assembly seats.

At 0546 GMT, the rupee was down just 0.1 per cent.&nbsp;&quot;This election in Gujarat is like a barometer gauge said Christopher Wong, an FX strategist with Malayan Banking.&nbsp;&quot;Fears of an upset election dissipated as Modi was set for a win&quot;.&nbsp;National elections are due by 2019.

Most other emerging Asian currencies slipped as the dollar edged higher after top Republicans said they expected the US Congress to pass a tax code overhaul this week, with votes on the legislation expected by Tuesday and President Donald Trump aiming to sign the bill by the end of the week.&nbsp;

Many investors expect the cuts could bolster US growth, prompting faster rate rises by the US Federal Reserve and leading to a stronger dollar.&nbsp;Passage of US tax reform program would put &quot;pressure on the regional currencies&quot;, said Manny Cruz, an analyst with Asiasec Equities Inc in Manila.&nbsp;

The Malaysian ringgit and Thai baht lost about 0.2 per cent each.&nbsp;The Taiwan dollar and Singapore dollar slipped about 0.1 percent each.&nbsp;The Korean won and the Philippine peso, however, edged up.&nbsp;

China&#39;s Yuan

The yuan eased slightly against the US dollar on Monday, dragged lower by a weaker official midpoint and stability in the greenback on optimism over the progress of US tax reform.&nbsp;Prior to market opening on Monday, the People&#39;s Bank of China set the midpoint rate at 6.6162 per dollar, 49 pips or 0.07 per cent weaker than the previous fix of 6.6113 on Friday.&nbsp;

In the spot market, the onshore yuan opened at 6.6126 per dollar and was changing hands at 6.6115 at midday, 0.07 per cent stronger than the midpoint.&nbsp;

Most other emerging Asian currencies apart from Indian rupee have slipped as the dollar edged higher after top Republicans said they expected the US Congress to pass a tax code overhaul this week

The Indian rupee pared nearly all of its sharp losses early on Monday, as it became clear that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) would comfortably win an election in his home state of Gujarat. Other emerging Asian currencies slipped as the dollar edged up. At around 0350 GMT, the rupee was down as much as 1.1 per cent, its biggest intraday loss since May 18, as initial counting showed a close fight between the ruling BJP and the main opposition Congress. Later, three news television channels said the BJP won more than 100 of 182 assembly seats. At 0546 GMT, the rupee was down just 0.1 per cent. "This election in Gujarat is like a barometer gauge said Christopher Wong, an FX strategist with Malayan Banking. "Fears of an upset election dissipated as Modi was set for a win". National elections are due by 2019. Most other emerging Asian currencies slipped as the dollar edged higher after top Republicans said they expected the US Congress to pass a tax code overhaul this week, with votes on the legislation expected by Tuesday and President Donald Trump aiming to sign the bill by the end of the week. Many investors expect the cuts could bolster US growth, prompting faster rate rises by the US Federal Reserve and leading to a stronger dollar. Passage of US tax reform program would put "pressure on the regional currencies", said Manny Cruz, an analyst with Asiasec Equities Inc in Manila. The Malaysian ringgit and Thai baht lost about 0.2 per cent each. The Taiwan dollar and Singapore dollar slipped about 0.1 percent each. The Korean won and the Philippine peso, however, edged up. China's Yuan The yuan eased slightly against the US dollar on Monday, dragged lower by a weaker official midpoint and stability in the greenback on optimism over the progress of US tax reform. Prior to market opening on Monday, the People's Bank of China set the midpoint rate at 6.6162 per dollar, 49 pips or 0.07 per cent weaker than the previous fix of 6.6113 on Friday. In the spot market, the onshore yuan opened at 6.6126 per dollar and was changing hands at 6.6115 at midday, 0.07 per cent stronger than the midpoint.

Rupee pares losses on Gujarat vote result; other Asian currencies slip

Asian shares edged up on Monday, with sentiment boosted by expectations that the US lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world&#39;s second-largest economy.

Meanwhile, the launch of bitcoin futures on the CME exchange bolstered expectations the cryptocurrency&#39;s red-hot rally in the cash market could continue, although their trading debut was tepid.&nbsp;MSCI&#39;s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent. Japan&#39;s Nikkei was the best performer in the region, rising 1.6 percent to edge closer to a 25-year peak of 23,382 points set last month.

European and US stocks are also expected to have a solid start to the week. The near-month FTSE futures contract and the e-mini S&amp;P futures were each up 0.2 percent. Dow futures rose 0.4 percent.&nbsp;Global stock markets have surged this year, largely led by expectations of a US tax overhaul.

The reform is seen boosting corporate profits, triggering share buybacks and higher dividend payouts - a boon for shareholders.&nbsp;Votes on the legislation are expected this week.&nbsp;But the mood was dour in Asia&#39;s biggest economy where the People&#39;s Bank of China increased rates on reverse repurchase agreements, or reverse repos, triggering concerns about tight year-end liquidity.&nbsp;

Chinese shares eased, with Shanghai&#39;s SSE Composite index down 0.2 percent after opening higher. The bluechip CSI 300 also came off the day&#39;s high to be largely unchanged.&nbsp;China will be in focus this week as investors look for news from a three day Central Economic Work conference starting Monday where Communist Party leaders will discuss economic policy, including growth targets.

&quot;While there are no obvious signs yet, we do expect a modest slowdown in Chinese growth in coming months&quot;, said Steve Waddington, portfolio manager at Insight Investment, which has A$930 billion ($712 billion) in assets under management.&nbsp;China could lower its growth target to 6.0 percent from 6.5 percent, Waddington added, amid tighter financial conditions and stricter regulation aimed at reducing leverage.

Currencies

Bitcoin futures received a lukewarm reception on its first day of trading on the CME exchange, with the near-month contract down 0.3 percent on thin volumes.&nbsp;In the cash market, bitcoin was last down 0.5 percent at $18,851 after hitting a record $19,666 on Sunday on the Luxembourg-based Bitstamp Exchange.&nbsp;

&quot;The introduction (of futures contracts) has added validity, acknowledging bitcoin as a legitimate asset&quot;, said Shane Chanel, a fund manager at ASR Wealth Advisers.&nbsp;&quot;The launch should increase buy-side pressure and potentially be the catalyst that pushes bitcoin above $20,000&quot;.

In currencies, the US dollar stayed above a 1-1/2 week trough against the Japanese yen, after slipping 0.8 percent last week.&nbsp;Trading was generally thin as investors wound up their books ahead of Christmas holidays.

The British pound inched up but was still near 3-week lows as Prime Minister Theresa May prepared for a week of difficult meetings in an effort to unite a divided cabinet over Brexit talks.&nbsp;In commodities, oil prices were slightly firmer with US crude up 30 cents at $57.60 while Brent crude rose 28 cents to $63.50.&nbsp;Spot gold was slightly up at $1,256.55.

Global stock markets have surged this year, largely led by expectations of a US tax overhaul

Asian shares edged up on Monday, with sentiment boosted by expectations that the US lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world's second-largest economy. Meanwhile, the launch of bitcoin futures on the CME exchange bolstered expectations the cryptocurrency's red-hot rally in the cash market could continue, although their trading debut was tepid. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 percent. Japan's Nikkei was the best performer in the region, rising 1.6 percent to edge closer to a 25-year peak of 23,382 points set last month. European and US stocks are also expected to have a solid start to the week. The near-month FTSE futures contract and the e-mini S&P futures were each up 0.2 percent. Dow futures rose 0.4 percent. Global stock markets have surged this year, largely led by expectations of a US tax overhaul. The reform is seen boosting corporate profits, triggering share buybacks and higher dividend payouts - a boon for shareholders. Votes on the legislation are expected this week. But the mood was dour in Asia's biggest economy where the People's Bank of China increased rates on reverse repurchase agreements, or reverse repos, triggering concerns about tight year-end liquidity. Chinese shares eased, with Shanghai's SSE Composite index down 0.2 percent after opening higher. The bluechip CSI 300 also came off the day's high to be largely unchanged. China will be in focus this week as investors look for news from a three day Central Economic Work conference starting Monday where Communist Party leaders will discuss economic policy, including growth targets. "While there are no obvious signs yet, we do expect a modest slowdown in Chinese growth in coming months", said Steve Waddington, portfolio manager at Insight Investment, which has A$930 billion ($712 billion) in assets under management. China could lower its growth target to 6.0 percent from 6.5 percent, Waddington added, amid tighter financial conditions and stricter regulation aimed at reducing leverage. Currencies Bitcoin futures received a lukewarm reception on its first day of trading on the CME exchange, with the near-month contract down 0.3 percent on thin volumes. In the cash market, bitcoin was last down 0.5 percent at $18,851 after hitting a record $19,666 on Sunday on the Luxembourg-based Bitstamp Exchange. "The introduction (of futures contracts) has added validity, acknowledging bitcoin as a legitimate asset", said Shane Chanel, a fund manager at ASR Wealth Advisers. "The launch should increase buy-side pressure and potentially be the catalyst that pushes bitcoin above $20,000". In currencies, the US dollar stayed above a 1-1/2 week trough against the Japanese yen, after slipping 0.8 percent last week. Trading was generally thin as investors wound up their books ahead of Christmas holidays. The British pound inched up but was still near 3-week lows as Prime Minister Theresa May prepared for a week of difficult meetings in an effort to unite a divided cabinet over Brexit talks. In commodities, oil prices were slightly firmer with US crude up 30 cents at $57.60 while Brent crude rose 28 cents to $63.50. Spot gold was slightly up at $1,256.55.

Asian shares rise on US tax cut hopes; China in focus

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Rupee pares losses on Gujarat vote result; other Asian currencies slip

Asian shares rise on US tax cut hopes; China in focus