Asian currencies mixed in late trade<\/p>\n
SINGAPORE (Dow Jones): Asian currencies were mixed late
\nFriday, with the beleaguered South Korean won and the New Taiwan
\ndollar snapping out of their recent lows amid signs of easing
\ndomestic political tensions and strong gains on the local
\nbourses, dealers said.<\/p>\n
The Indonesian rupiah ended slightly weaker on Friday as local
\ncompanies bought dollars to repay debt, traders said.<\/p>\n
The dollar was traded in a narrow range ahead of the weekend
\nand closed at Rp 9,455 in Asia, up from Rp 9,420 at Thursday's
\nclose, but down from an intraday high of Rp 9,465.<\/p>\n
\"Some big banks were buying dollars on behalf of corporate
\nclients,\" a local dealer said.<\/p>\n
The dollar's bullishness is also fueled by continued political
\nprotests for President Abdurrahman Wahid's resignation. The
\nPresident is blamed for failing to clean up the country's
\neconomy.<\/p>\n
Hundreds of protesters took to central Jakarta's streets late
\nFriday chanting slogans against the embattled president.<\/p>\n
Despite the rebound of these two Northeast Asian currencies,
\ndealers and analysts, who have recently turned increasingly
\nbearish toward these units, won't be easily swayed.<\/p>\n
The dollar finished at 1,188.10 won, down from Thursday's
\nclose of 1,193 won.<\/p>\n
Still, analysts and dealers said the won could resume its
\ndowntrend early next week, and make another stab at the 1,200 won
\nlevel against the dollar.<\/p>\n
\"The won remains vulnerable, given the backdrop of corporate
\nand financial restructuring uncertainties and heavy dollar buying
\nfrom oil importers,\" Standard Chartered Bank said in a report.<\/p>\n
The New Taiwan dollar edged up on the sharp rise on the Taipei
\nbourse and the legislature's approval of a long-delayed financial
\nindustry merger law, which could mean that political bickering
\nhas eased, dealers said.<\/p>\n
The passage of Taiwan legislation has been hampered in recent
\nmonths by wrangling between government and opposition-dominated
\nlegislature.<\/p>\n
The U.S. dollar slipped to NT32.874 from Thursday's close of
\nNT32.931.<\/p>\n
Standard Chartered Bank has raised its six-month U.S. dollar
\nforecast to NT$35.00 from NT$33.90.<\/p>\n
Taiwan's balance of payments deficit for October \"has not
\nhelped\" and the local central bank has allowed the New Taiwan
\ndollar to fall this week, although it should draw a line in the
\nsand around NT$33 in the near term, the bank said.<\/p>\n
In Manila, fears that moves by President Joseph Estrada's
\nlawyers to dismiss the impeachment case against the embattled
\nleader could lead to a protracted political crisis bruised the
\nPhilippine peso, dealers said.<\/p>\n
The dollar closed at 49.390 pesos on the Philippine Dealing
\nSystem, up from Thursday's close of 49.380 pesos.<\/p>\n
An offshore liquidity squeeze continued to support the Thai
\nbaht, dealers said.<\/p>\n
Around 1000 GMT, the dollar was at 43.795 baht, down from
\n43.855 baht late Thursday.<\/p>\n
Against the Singapore dollar, the U.S. currency rose to
\nS$1.7592, from S$1.7548 late Thursday, thanks to the yen's
\nweakness.<\/p>\n
The U.S. dollar faces psychological resistance around
\nS$1.7600, amid fears that the Monetary Authority of Singapore
\nmight defend the local currency around that level.<\/p>\n
But BNP Paribas currency strategist Thio Chin Loo said MAS
\nmight tolerate the Singapore dollar's decline, which has been
\nslow recently despite the weakness in the yen, the euro and other
\nAsian currencies.<\/p>",
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