Asian currencies mostly fall, rupiah rises<\/p>\n
TOKYO (Dow Jones):Asian currencies were mostly weaker in Asia
\nTuesday, led by a slide in the won due to fears of a major
\ncorporate bankruptcy in South Korea and a plunge in the Thai baht
\namid large-lot selling by overseas speculators.<\/p>\n
The Indonesian currency regained ground late trade, after
\nfailure to push it below the psychologically sensitive level of
\nRp 9,500 against the dollar triggered profit-taking, dealers
\nsaid.<\/p>\n
The rupiah also found support from a favorable report on
\nPresident Abdurrahman Wahid's health following a routine heart
\ncheckup Tuesday and a decree by his deputy, Megawati
\nSukarnoputri, ordering members of her party not to join mounting
\nefforts to oust the president, dealers said.<\/p>\n
Fears of further intervention dragged the dollar below Rp
\n9,370 to 9,330 support in late trading, after Senior Economics
\nMinister Rizal Ramli said Bank Indonesia will likely spend this
\nweek more than the estimated S$10 million it sold last week to
\ndefend the flagging rupiah, dealers said.<\/p>\n
Around 0920 GMT, the dollar was at Rp 9,330, down from around
\nRp 9,400 late Monday and Tuesday's intraday high of around Rp
\n9,505.<\/p>\n
Dealers said retail participants and exporters in Jakarta were
\nselling dollars, prompting offshore players to lock in profits in
\ntheir dollar positions.<\/p>\n
In Seoul, the won fell against the dollar after news that one
\nof the nation's blue-chip companies, Hyundai Engineering &
\nConstruction Co., had defaulted on 16.1 billion won in commercial
\nbills Monday. Some in the market cited concerns that Hyundai
\nEngineering's default could be the prelude to a bankruptcy of the
\nHyundai group itself.<\/p>\n
In late Tuesday trading in Asia, the U.S. dollar was last
\nquoted at 1139.70 won, up from 1,137.50 won on Monday.<\/p>\n
In Bangkok, the baht weakened mostly due to heavy speculative
\nselling by overseas players in Asia amid thin markets, analysts
\nsaid. The dollar topped out at 44.10 baht before the baht
\nregained some ground late in the session on profit taking.<\/p>\n
Late Tuesday in Asia, the U.S. dollar was quoted at 43.885
\nbaht, up from 43.745 baht Monday.<\/p>\n
In Taipei, the dollar ended slightly lower against its
\nTaiwanese counterpart after rising as high NT$32.420 early in the
\nsession as the brewing political uncertainty continued to cast a
\nchill on local financial markets.<\/p>\n
Late in Asia Tuesday, the dollar was quoted at NT$32.356, down
\nmarginally from NT$32.358 Monday.<\/p>\n
Meantime, the Singapore dollar drifted lower against the U.S.
\ndollar in line with most of the other Asian currencies as it was
\npressured by the dollar's strength for most of the session.
\nLate Tuesday in Asia, the U.S. dollar was quoted at S$1.7563, up
\nfrom S$1.7547 Monday.<\/p>\n
In Manila, the Philippine peso finished 2 percent higher
\nagainst the U.S. dollar ahead of a two-day holiday, boosted by
\ncentral bank intervention and dollar profit-taking, after falling
\nto a new all-time low early in the session. dealers said.<\/p>\n
The Philippines' central bank reportedly sold around US$10
\nmillion worth of dollars for pesos before the closing of the
\nshortened session, to take advantage of the dollar's downward
\ntrend that was sparked by profit-taking, dealers said.<\/p>\n
Late in Asia Tuesday, the dollar closed at 51.000 peso on the
\nPhilippine Dealing System, down from 51.480 peso at the previous
\nclose.<\/p>",
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