China's yuan declined to a four-month low against the dollar on Friday, breaching a key threshold and prompting state-owned banks to step in to defend the currency.
The dollar rose on Thursday after the Swiss National Bank's surprise interest rate cut bolstered global risk sentiment and underscored the appeal of the greenback amid strong U.S. economic growth.
Oil prices fell in Asian trade on Friday, and were set for a muted finish to the week as reports of renewed calls for a Israel-Hamas ceasefire pointed to fewer supply disruptions in the Middle East.
Most Asian stocks sank on Friday with Chinese markets leading losses on resurgent concerns over a slowing economy, while a rally in Japan’s Nikkei 225 ran dry after strong inflation data.
Asian shares bounced while gold prices and Japan's Nikkei jumped to record highs on Thursday after the U.S. Federal Reserve indicated it would stick with plans for cutting interest rates.
Oil prices rebounded on Thursday after falling in the previous session as U.S. crude and gasoline inventory declines supported the market after signs the U.S. Federal Reserve may keep rates higher for longer crimped the outlook for future fuel demand.