Asian currencies mixed; 4-month high for S'pore dollar<\/p>\n
SINGAPORE (Dow Jones): Nervousness in the market over the
\nexpected release weak second-quarter economic growth figures in
\nthe U.S. kept most Asian currencies well bid against the dollar
\nFriday.<\/p>\n
But the Indonesian rupiah closed lower as the market waits to
\nsee whether President Megawati Sukarnoputri will meet investor
\nhopes of appointing a cabinet of economic experts next week.<\/p>\n
The rupiah rallied to its highest level in five months this
\nweek after Megawati's election ended months of political tension.
\nThe national assembly voted Monday to oust former president
\nAbdurrahman Wahid after over a year of political bickering which
\nhurt markets.<\/p>\n
But some of the shine came off the rupiah Friday as markets
\nwait to see whether Megawati's government will perform any better
\nthan Wahid in helping restore the economy to health.<\/p>\n
The dollar closed at Rp 10,000, up from Rp 9,950 at Thursday's
\nclose, and much higher than five-month lows of Rp 9,750 intraday
\nThursday.<\/p>\n
The Singapore dollar was the region's main beneficiary of the
\nshifting sentiment, strengthening to a four-month high in
\nintraday trading against its U.S. counterpart.<\/p>\n
The Thai baht and New Taiwan dollar also gained on the dollar,
\nwhile the South Korean won and Philippine peso finished slightly
\nlower.<\/p>\n
Dealers said they were wary of holding long dollar positions
\nheading into the weekend, especially with the gross domestic
\nproduct numbers scheduled to be released in the U.S. overnight.<\/p>\n
The Singapore dollar remained on the strong side of 1.80 per
\nU.S. dollar for most of the session, muscling its way to an
\nintraday high of 1.7943 per U.S. dollar. That was its best
\nperformance since March 28 when it touched 1.7876 per U.S.
\ndollar.<\/p>\n
The U.S. dollar recovered somewhat late in the session, but
\ncouldn't move back above the psychologically important S$1.800
\nlevel. Near the end of Asian trading the U.S. dollar was quoted
\nat S$1.7982, down from S$1.8041 late Thursday.<\/p>\n
The dollar, which has dominated global currency markets for
\nmost of the year, has stumbled in recent days amid concerns about
\nthe U.S. economy. However, many analysts are forecasting the
\ndollar to resume its upward march in the weeks ahead.<\/p>\n
\"We expect the U.S. dollar to strengthen against both the yen
\nand the euro by the end of the year and have recently revised our
\nAsian forecasts to reflect this view,\" Standard Chartered Bank
\nsaid in a research report.<\/p>\n
The Thai baht strengthened in line with the Singapore dollar,
\ndespite concerns over the outcome of Prime Minister Thaksin
\nShinawatra's asset concealment case.<\/p>\n
Late in Asia the dollar was quoted at 45.650 baht, down from
\n45.670 baht late Thursday.<\/p>\n
Thailand's Constitutional Court said Friday it was close to
\nreaching a verdict.<\/p>\n
Thaksin was indicted by the National Counter Corruption
\nCommission for failing to disclose part of his assets while
\nserving in a previous government in 1997. If the court upholds
\nthe commission's ruling, he will be banned from politics for up
\nto five years and will be forced to step down immediately.<\/p>\n
The New Taiwan dollar ended higher for the eighth straight
\nsession Friday, supported by exporter selling and inflows of
\nforeign funds.<\/p>\n
The U.S. dollar closed at NT$34.767, down from NT$34.786
\nThursday.<\/p>\n
The South Korean won weakened after the market concluded it
\nprobably strengthened more than it should have a day earlier on
\ncomments by Commerce Minister Chang Che-shik. Chang said he
\nthought an appropriate level for the dollar was between 1,200 won
\nand 1,250 won.<\/p>\n
The dollar closed at 1,300.8 won, up from 1,298.3 won a day
\nearlier.<\/p>\n
Against the Philippine peso the dollar closed at 53.45 pesos
\non the Philippine Dealing System, up slightly from the previous
\nsession's close of 53.42 pesos.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mixed-4-month-high-for-spore-dollar-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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