After breather, rupiah resumes climb
\nDow Jones<\/p>\n
The dollar closed at PHP53.510 on the Philippine Dealing System,
\nup from PHP52.495 on Tuesday.<\/p>\n
Apart from follow-through dollar buying by companies for
\nmonth-end requirements, worries over the government's continuing
\nbudget deficit overshoot and the economic impact of Severe Acute
\nRespiratory Syndrome (SARS), also dominated the market.<\/p>\n
\"The peso's fall, however, was capped on speculation that the
\ncentral bank stepped in to provide dollar liquidity in defense of
\nthe local unit,\" a trader said. Central bank officials couldn't
\nbe immediately reached.<\/p>\n
As against the South Korean won, the dollar closed at
\nKRW1,218.9, down from KRW1,219.4 Tuesday.<\/p>\n
Market players took profits following the dollar's sharp gain
\nin the previous session, while exporters sold above KRW1,220,
\ntraders said.<\/p>\n
\"There seems to be a consensus in the market that the dollar's
\n10-won surge yesterday (Tuesday) was overdone,\" said a trader at
\na major South Korean bank.<\/p>\n
Trading wasn't very active as players monitored developments
\nin Beijing where the U.S., North Korea and China are holding
\ntalks on Pyongyang's suspected nuclear arms program. The talks
\nare scheduled to conclude on Friday.<\/p>\n
\"People aren't expecting big results from the talks and
\nprospects for the Beijing meeting aren't at all rosy,\" said
\nanother trader at a foreign financial institution.<\/p>\n
Selling by Taiwan exporters and offshore players pulled the
\nU.S. unit down a tad to end at 34.812 versus the local dollar,
\nfrom NT$34.816 at the previous close.<\/p>\n
Bids for U.S. dollars from local insurers and importers at the
\nNT$34.80 level capped the local unit's gains, traders said.<\/p>\n
The Indonesian rupiah resumed its upward march after a brief
\nbreather in the previous session following six days of gains.<\/p>\n
The dollar ended Wednesday at Rp 8,730, down from Rp 8,740
\nTuesday. Analysts attribute the rupiah's upward momentum to
\ninvestors' search for higher yields.<\/p>\n
As against the Thai baht, the dollar ended the local session
\nat THB42.755, quite steady compared with THB42.760 on Tuesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/after-breather-rupiah-resumes-climb-1447899208",
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"sponsor": "Okusi Associates",
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