Asian currencies mostly down, Taiwan dollar extends fall<\/p>\n
SINGAPORE (Dow Jones): Most Asian currencies drifted to the
\nlower end of their tight trading ranges late Thursday, with
\nlittle to inspire the market.<\/p>\n
The Indonesian rupiah ended little changed in uneventful
\ntrading with market participants remaining on the sidelines until
\nthe domestic political situation becomes clearer, dealers said.<\/p>\n
The dollar closed at Rp 11,247, little changed from its close
\nWednesday, dealers said.<\/p>\n
"Most banks stayed out of the market today waiting for further
\npolitical developments," said a dealer with a foreign bank.<\/p>\n
Market participants are waiting to see whether Indonesia's
\nhighest legislative body will oust President Abdurrahman Wahid in
\nAugust in connection with two financial scandals.<\/p>\n
The yen, finding itself in limbo, provided little direction
\nfor the other currencies in the region as the market await
\nFriday's announcement on the outcome of the Bank of Japan's
\npolicy board meeting, which began Thursday.<\/p>\n
At 0910 GMT (4.10 p.m. Jakarta time), the dollar was quoted at
\n122.10 yen, marginally higher than 121.97 yen late Wednesday in
\nNew York.<\/p>\n
Doubts about whether the sputtering U.S. economy could recover
\nin the second half of the year, and hopefully lift Asian
\ncountries from their economic quagmire, also weighed on market
\nsentiment, dealers said.<\/p>\n
The U.S. Federal Reserve released Thursday its "beige book", a
\nsurvey of regional economic conditions; it showed flat or slowing
\neconomic activity in most districts. The central bank said
\nmanufacturing remains troubled, retail sales were flat nationwide
\nand labor markets continued to ease.<\/p>\n
After shedding almost 1 percent Wednesday, the New Taiwan
\ndollar extended its decline to close Thursday at NT$34.395,
\ncompared with NT$34.377 Wednesday.<\/p>\n
A strong earthquake which rocked the island during trading
\nhours dragged Taiwan's stock index 1.7 percent lower, and in turn
\ndealt a fresh blow to the already bruised sentiment on the local
\nforeign exchange market, dealers said.<\/p>\n
Increasing pessimism toward Taiwan's sluggish economy, which
\nis growing at its slowest pace in 26 years, and worries that
\ndomestic political bickering could hinder the passage of needed
\neconomic reforms have weighed on the currency.<\/p>\n
The Philippine peso slipped on corporate demand for the U.S.
\ncurrency and persisting concerns that the prolonged hostage
\ncrisis in the south could hurt the flow of tourism and foreign
\ninvestment dollars into the country, dealers said.<\/p>\n
The dollar closed at 51.360 pesos on the Philippine Dealing
\nSystem, a touch higher than 51.310 pesos Wednesday.<\/p>\n
The central bank said it hadn't intervened in the past two
\ndays to limit the peso's depreciation.<\/p>\n
The Thai currency was slightly stronger at 45.340 baht per
\ndollar, compared with 45.365 baht late Wednesday, with offshore
\nplayers showing little interest to trade the currency amid
\nconcerns over stricter reporting requirements on nonresident
\ntransactions, dealers said.<\/p>\n
Quashing any market hopes that the central bank would change
\nits mind, an official said Thursday the bank still needs more
\ninformation on foreign exchange transactions despite the
\nwithdrawal of its new reporting forms, which were to have gone
\ninto effect July 2.<\/p>\n
After making little headway above S$1.8170 earlier in the day,
\nthe U.S. dollar was unchanged at S$1.8163 against the Singapore
\ncurrency, amid fears of intervention by the Monetary Authority of
\nSingapore, dealers said.<\/p>\n
In Seoul, the dollar finished at 1,291.6 won, down from
\n1,293.2 won Wednesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mostly-down-taiwan-dollar-extends-fall-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}