Asian currencies fall against U.S. dollar<\/p>\n
SINGAPORE (Dow Jones): The Korean won continued to fall
\nagainst the U.S. dollar during Asian trading hours Thursday, as
\ncontinuing bad news battered the local stock market and raised
\nconcerns that hoped-for financial and corporate restructuring
\nwould not materialize.<\/p>\n
Korea's Kospi index also fell below 900 points to 898 for the
\nfirst time since July, following news that officials of the
\nHyundai Group were not allowed to leave the country until an
\ninvestigation about potential stock manipulation was completed.<\/p>\n
At 0800 GMT (4:00 a.m. EDT) the U.S. dollar was trading at
\n1190.7, up from 1184.70 late Wednesday. \"The won still surprises
\nme given the negative sentiment in the stock market and the
\nnegative noise about Daewoo and Hyundai,\" said the head trader of
\nforeign exchange trading at a U.S. bank in Singapore.<\/p>\n
In other Asian markets, the Thai baht, Singapore dollar,
\nPhilippine peso and Indonesian rupiah all fell against the U.S.
\ndollar in quiet trade, dealers said.<\/p>\n
The Thai baht also continued to slip against the U.S. dollar
\nThursday, after falling to an 11-month low Wednesday. While
\ntrading activity had been volatile and hectic Wednesday,
\nThursday's market remained subdued as traders tried to fathom the
\nreason for the baht's sudden decline. At 0800 GMT (4:00 a.m.
\nEDT), the U.S. dollar was trading at 38.8900, well up from 38.76
\nlate Wednesday and above the 11-month high of 38.86 baht reached
\nduring intraday trading Wednesday.<\/p>\n
On the Philippine dealing system, the U.S. dollar was also
\ntrading at 39.785 peso, just up from 39.775 peso late Wednesday.<\/p>\n
Philippine Central Bank Governor Rafael Buenaventura said
\nThursday he sees no signs of undue pressure on the peso; the
\npeso's weakness of late was due mainly to the fall in the Thai
\nbaht, which is closely watched in the Manila currency market
\nbecause of the similarities of the Philippine and Thai economies.<\/p>\n
The U.S. dollar was also trading at S$1.6832, up slightly from
\nS$1.6821 late Wednesday. Traders said Singapore's currency was
\nprotected in part by its regional safe haven status, given the
\nvolatility of the Thai baht and Indonesian rupiah.<\/p>\n
\"The market is comfortable at these levels; when we start
\ngetting down toward S$1.68, traders look for signs of (Monetary
\nAuthority of Singapore) intervention,\" a trader at a U.K. bank in
\nSingapore said.<\/p>\n
The U.S. dollar was also trading at Rp 7,775, up a touch from
\nRp 7,707 Wednesday. Traders dismissed any thoughts that many
\ninvestors were taking a punt on the outcome of the East Timor
\nreferendum, expected next week, or what would happen in the run-
\nup to the November presidential elections.<\/p>\n
\"Check the wind direction; that will tell you the same thing,
\n\" said one trader. \"Trading volumes are low and the prospects for
\nvolatility are high over the next week.\"<\/p>\n
There are also further signs of economic distress in the
\ncountry. A government official reported Thursday that non-oil and
\ngas exports fell 13.8 percent in July, primarily on the back of a
\ndecline in the export of agricultural commodities. The government
\nplans on releasing Indonesia's consumer price index Friday.<\/p>\n
In Taiwan, the U.S. dollar was trading at NT$31.825, almost
\nunchanged from NT$31.83 Thursday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-fall-against-us-dollar-1447893297",
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