Asian currencies mixed late; Singapore dollar falls on yen<\/p>\n
SINGAPORE (Dow Jones): Asian currencies were mixed late
\nMonday, with the Singapore dollar eventually buckling under the
\npressure of the yen's plunge after largely holding its own
\nearlier in the day, dealers said.<\/p>\n
The Indonesian currency's continued rebound did little to
\nsalvage the Singapore dollar. The Singapore dollar had rode on
\nthe rupiah's coattails last week following the sacking of
\nPresident Abdurrahman Wahid, dealers said.<\/p>\n
The Indonesian currency extended its recent ascent to 9,700
\nrupiah per dollar, from Rp 9,990 late Friday, as investors
\nanxiously awaited President Megawati Sukarnoputri's cabinet
\nlineup.<\/p>\n
Standard & Poor's revision of its outlook on Indonesia's long-
\nterm sovereign credit ratings to stable from negative - the
\nagency was inspired by last week's peaceful transfer of power -
\ncemented the rupiah's strength, dealers said.<\/p>\n
But even this failed to cheer participants in the Singapore
\ndollar market, as doubts about the prospects for reforms in
\nIndonesia lingered, dealers said.<\/p>\n
The wave of long U.S. dollar liquidation by U.S. funds last
\nweek - prompted partly by the dramatic political events in
\nIndonesia and the debate surrounding the U.S. dollar's strength -
\nhas ebbed, dealers said.<\/p>\n
The U.S. dollar had failed to make much headway earlier in the
\nday as sales of the currency by a large local bank around
\nS$1.7990 stymied its advance, despite the U.S. dollar's advance
\nby more than a yen in the Japanese foreign exchange market,
\ndealers said.<\/p>\n
But the market's belief that the Singapore dollar has reached
\na near-term top emboldened interbank participants in Singapore
\nand London-based players to snap up the U.S. currency later in
\nthe day, propelling it above S$1.8000, dealers said.<\/p>\n
Dealers also noted corporate interest for U.S. dollars was
\ncreeping in again. With more companies in Singapore expected to
\nfund their overseas acquisitions with the U.S. currency, the
\nlocal dollar's strength will likely be short-lived, market
\nwatchers said.<\/p>\n
At 0903 GMT (4:03 p.m. Jakarta time), the U.S. dollar was
\nquoted at S$1.8012, higher than S$1.7982 late Friday.<\/p>\n
The South Korean currency too felt the pain from the yen's
\nfall, although traditional month-end dollar sales by local
\nexporters for month-end book balancing mitigated the won's
\nlosses, dealers said.<\/p>\n
The dollar finished at 1,303.5 won, up from Friday's close of
\n1,300.8. won<\/p>\n
At 1003 GMT, the dollar was quoted at 125.07 yen, above 123.55
\nyen late Friday in New York. The dollar was at 123.78 yen late
\nFriday in Tokyo.<\/p>\n
The yen's early gains in the wake of Prime Minister Junichiro
\nKoizumi's victory in Sunday's Upper House poll proved to be
\nshort-lived.<\/p>\n
Japan's dismal industrial production data and the subsequent
\n1.9 percent slide on the local stock market dragged the yen
\nlower.<\/p>\n
The Thai baht was marginally weaker, although movements were
\ntame as markets anxiously awaited Thailand's Constitutional
\nCourt's long-awaited verdict on Prime Minister Thaksin
\nShinawatra's assets concealment case.<\/p>\n
The dollar was at 45.700 baht, a touch higher than 45.650 baht
\nlate Friday.<\/p>\n
Observers expect the court to deliver its ruling as early as
\nthis week or next week at the latest, but remain divided whether
\nit will uphold an anti-graft commission ruling that Thaksin
\nintentionally hid part of his wealth, or clear him by accepting
\nthat he made an honest mistake.<\/p>\n
Over the last few days, Thai media said Thaksin is most likely
\nto be found guilty for failing to disclose part of his assets
\nwhile serving in a previous government in 1997.<\/p>\n
On the Philippine Dealing System, the dollar closed at 53.370
\npesos, slightly lower than 53.450 pesos Friday.<\/p>\n
Taiwan's financial markets were closed due to a typhoon.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mixed-late-singapore-dollar-falls-on-yen-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }