Asian currencies mixed late, host of local factors at play<\/p>\n
SINGAPORE (Dow Jones): Asian currencies turned in a mixed
\nperformance Wednesday, with local factors taking precedence in
\nthe absence of any clear direction from the yen.<\/p>\n
The Indonesian rupiah edged marginally lower as members of
\nParliament moved closer to ordering the impeachment of President
\nAbdurrahman Wahid.<\/p>\n
The Singapore dollar and Philippine peso also posted slight
\ndeclines, while the Thai baht, Korean won and New Taiwan dollar
\nfinished a touch stronger.<\/p>\n
A vote ordering Wahid's impeachment looked certain to be
\npassed by Parliament after a majority of lawmakers formally
\nbacked the move in a debate. Wahid's opponents have accused him
\nof corruption and incompetence.<\/p>\n
The threat of street violence hung over Jakarta as a group of
\n4,000 Wahid supporters marched on the parliament building
\ndemanding the proceedings against the president be halted.
\nEarlier in the day, mobs in East Java attacked and burned the
\noffices of Wahid 's political opponents and destroyed churches
\nand mosques.<\/p>\n
Late in Asian trading the dollar was quoted at Rp 11,310, up
\nfrom Rp 11,185 late Tuesday.<\/p>\n
Dealers said market players refrained from taking any big
\npositions in the currency due to the uncertainty surrounding the
\npolitical situation.<\/p>\n
\"The market is confused as to what to make of this,\" one
\ndealer said, noting the rupiah rallied modestly a day earlier on
\nthe belief that Wahid's departure would boost the chances for
\neconomic reform in Indonesia.<\/p>\n
Currency market participants also were unsure what to make of
\nthe sacking of Thailand's central bank governor Tuesday.<\/p>\n
The dollar traded with a marginal downward bias Wednesday
\ngiven the expectation that new Bank of Thailand Governor
\nPridiyathorn Devakula favors higher domestic interest rates.<\/p>\n
Toward the end of Asian trading the dollar was quoted at
\n45.355 baht, down from 45.425 baht late Tuesday.<\/p>\n
Prime Minister Thaksin Shinawatra Tuesday dismissed Central
\nBank Governor Chatu Mongol Sonakul and replaced him with
\nPridiyathorn.<\/p>\n
In a televised interview Wednesday Pridiyathorn said interest
\nrates have been kept too low, for too long leading to capital
\noutflows and a weak currency.<\/p>\n
Against the yen the dollar traded between Y119.95 and Y120.61
\nWednesday, but finished Asian trading little changed from the
\nprevious session. Late in Asia the U.S. currency was quoted at
\nY120.29, compared with Y120.35 late Tuesday.<\/p>\n
The New Taiwan dollar closed higher on modest U.S. dollar
\nselling by exporters and the central bank.<\/p>\n
The U.S. dollar closed at NT$34.013 compared with NT$34.072
\nTuesday.<\/p>\n
The South Korean won was boosted by dollar-selling by
\nexporters near the end of the session.<\/p>\n
The dollar finished at 1,289.5 won, down slightly from
\nTuesday's close of 1,289.6 won.<\/p>\n
The Philippine peso was pressured by month-end corporate
\ndemand for dollars, traders said.<\/p>\n
The dollar closed at 50.565 pesos on the Philippine Dealing
\nSystem, up from 50.500 pesos Tuesday. The dollar hit an intraday
\nhigh of 50.700 pesos and averaged 50.584 pesos.<\/p>\n
The market's concerns over the recently held mid-term
\nelections, as well as the country's kidnapping problem following
\nthe abduction of 20 people from a resort in the southwestern
\nisland of Palawan, continued to subside.<\/p>\n
The Singapore dollar edged lower in lackluster trade.<\/p>\n
Late in Asia, the U.S. dollar was quoted at S$1.8094, up from
\nS$1.8088 late Tuesday.<\/p>",
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