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Tapering of stimulus or QE3 in the US as it is popularly known tantamounts to less liquidity in the global financial system, which tends to impact global markets, particularly emerging market stocks and currencies.
By tapering-off QE3 the Fed would pump less money into the US economy, against the current $85 billion it is pumping. A lot of this money finds its way into global markets.
All of the emerging market currencies and stock markets have fallen on fears that the QE tapering in the US was near. The Philipines benchmark indices was down more then 6 per cent, while Indonesia's Jakarta Composite was down 2.28 per cent. The Indonesian rupiah fell 1.76 per cent to the dollar and was trading at 10,965. Also read Indian markets will dance to the QE3 tune
The Philipines Peso was down 0.85 per cent against the US dollar. All of the Asian markets were trading deeply in the red including Singapore's Strait Times and the KLSE Composite. Check currency rates here