Asian currencies mixed, S'pore dollar at 11-week low<\/p>\n
Dow Jones, Singapore\/Jakarta<\/p>\n
Asian currencies were mixed late Thursday, with the Singapore
\ndollar extending its slide to 11-week lows as the central bank
\napparently acquiesced to a weaker currency.<\/p>\n
Foreign equity inflows helped support the South Korean won and
\nNew Taiwan dollar, which have recently been outperforming their
\nSoutheast Asian peers, burdened by economic and security
\nanxieties, dealers said.<\/p>\n
The Indonesian rupiah and Philippine peso were firmer as their
\nrespective central banks mounted a continued defense of their
\ncurrencies, which threaten to take a dive as domestic concerns
\npersist.<\/p>\n
The Thai baht was slightly lower, but, given the lack of
\ntrading interest in the currency, continued to trail behind the
\nSingapore dollar's decline, dealers said.<\/p>\n
While the other Southeast Asian currencies held their own, the
\nSingapore dollar, being the most liquid currency, took the brunt
\nof the region's woes.<\/p>\n
Dealing another blow to the Singapore dollar was a New York
\nTimes article Wednesday that terrorists linked to Osama bin
\nLaden's al-Qaeda group based in the Philippines, Indonesia and
\nMalaysia were \"likely the targets of future covert and overt
\nAmerican actions,\" dealers said.<\/p>\n
Without any evidence of intervention by the local monetary
\nauthority, the Singapore dollar extended its precipitous decline
\nto an 11-week low of S$1.8251 against the U.S. currency Thursday,
\ndown from S$1.8068 late Wednesday.<\/p>\n
In South Korea, the dollar ended at 1,302.0 won, down from
\nWednesday's close of 1,306.7 won.<\/p>\n
In Taipei, the U.S. dollar ended at NT$34.553, little changed
\nfrom NT$34.555 Tuesday. The market was closed Wednesday for a
\nnational holiday.<\/p>\n
On the Philippine Dealing System, dealers believed the peso
\ncontinued to find reprieve from the central bank.<\/p>\n
The dollar ended at its intraday low of 51.750 pesos, from
\n51.791 pesos Wednesday.<\/p>\n
The Indonesian currency was stronger at Rp 9,955 per dollar,
\ncompared with Rp 10,005 late Wednesday.<\/p>\n
The U.S. currency hit an intraday high of Rp 10,110 in the
\nmorning on local corporate demand and fears the U.S. currency
\ncould further strengthen. Companies need the dollar for foreign
\ndebt repayment and to fund import purchases.<\/p>\n
The Thai currency was marginally weaker at 44.785 baht to the
\ndollar, compared with 44.755 baht late Wednesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mixed-spore-dollar-at-11-week-low-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}