Asian currencies mixed, rupiah down<\/p>\n
S. Anuradha, Dow Jones, Singapore<\/p>\n
Asian currencies were mixed in thin trading Thursday, with the
\nbaht benefiting from capital inflows and the peso suffering amid
\ndeepening concerns about fiscal slippage in the Philippines.<\/p>\n
The Singapore dollar and Taiwanese dollar also rose, while the
\nIndonesian rupiah registered a small decline. The South Korean
\nmarket was closed Thursday.<\/p>\n
\"The absence of any fresh news prevented the regional
\ncurrencies from registering sharp moves,\" said James Malcolm,
\nforeign exchange strategist at JP Morgan Chase.<\/p>\n
The dollar drifted higher against the yen in Tokyo, building
\non its recent retracement from six-month lows hit late last
\nmonth. Traders said that move mostly reflected short-covering by
\nspeculators and didn't represent a shift in the overall trend.<\/p>\n
In Manila, the dollar rose against the peso amid persistent
\nworries about the nation's fiscal outlook.<\/p>\n
The government's economic planning chief said he's concerned
\nthat failure to meet fiscal targets in 2002 could negatively
\naffect the country's credit rating. \"We are worried about that.
\nThat is why all our efforts are concentrated on staying within
\nthe target,\" said Socioeconomic Planning Secretary Dante Canlas.<\/p>\n
The Philippine government has set a budget deficit target of
\n130 billion pesos for 2002, but many analysts believe weak
\nrevenue collection will mean an overshoot in the target. In the
\nfirst four months of 2002, some 64 percent of the total planned
\ndeficit was already incurred.<\/p>\n
The dollar inched higher, rising to 50.465 pesos, up from
\n50.445 pesos late Tuesday. The Philippine market was closed
\nWednesday for a public holiday.<\/p>\n
The Thai baht was firmer against the dollar as foreign players
\ncontinued to pour more money into the currency to fund stock
\ninvestments. Foreigners were net buyers of 417.9 million baht of
\nThai shares Wednesday. The Stock Exchange of Thailand, or SET,
\nindex was up 2.84 points, or 0.7 percent, at 426.45, but off its
\nhigh of 428.76 in early trade. Still, it was the highest close
\nsince February 2000.<\/p>\n
The dollar finished at 42.265 baht, down from 42.31 baht late
\nWednesday.<\/p>\n
The Singapore dollar was slightly stronger against the dollar
\nas banks trimmed long U.S. dollar positions.<\/p>\n
The dollar was quoted at S$1.7865 in late trading, down
\nmarginally from S$1.7870 late Wednesday.<\/p>\n
The New Taiwanese dollar was also higher against the dollar in
\nreaction to a sharp rise in domestic shares. The Weighted Price
\nIndex of the Taiwan Stock Exchange rose 162.27 points, or 3
\npercent, to 5562.23.<\/p>\n
The U.S. dollar closed at NT$34.05, down from NT$34.116
\nWednesday.<\/p>\n
The Indonesian rupiah, on the other hand, ended slightly lower
\nagainst the dollar on some covering of short-dollar positions
\nfollowing the U.S. currency's fall Wednesday.<\/p>\n
The dollar closed at Rp 8,745, up from Rp 8,700 Wednesday.<\/p>\n
Although the expected disbursement of the next $350 million
\nloan tranche from the International Monetary Fund at the end of
\nthe month is positive for the rupiah, there is concern over the
\ngovernment's recent failure to sell some state assets and the
\nprospect of political tensions ahead of the annual session of the
\nhighest legislative body in August.<\/p>\n
\"Given the usual volatility in the rupiah it has been trading
\nfairly steady,\" a trader at a European bank said.<\/p>\n
Traders said they expect the regional currencies to continue
\nto appreciate against the dollar Friday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mixed-rupiah-down-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}