Asian currencies mostly stronger<\/p>\n
HONG KONG (Dow Jones): The Indonesian rupiah gained ground
\nThursday on talk the government is considering capital controls,
\nwhile the won lost some in part on concerns that Korea's chaebol
\nhaven't yet overcome their liquidity problems.<\/p>\n
The other Asian currencies were mostly stronger during the
\nsession and following the rupiah, although the baht also got some
\nsupport from hope that Moody's Investors Service Inc. will soon
\nupgrade Thailand's credit rating.<\/p>\n
\"It was the right news at the right time in the right market,\"
\nsaid a dealer with a U.S. firm in Singapore, referring to early
\nreports that Indonesian President Abdurrahman Wahid has asked his
\nadvisors to look into the possibility of controls on movements of
\ncurrency in and out of the country.<\/p>\n
Such talk spooked players that had been behind a recent surge
\nin the U.S. dollar, and flushed out speculative dollar positions,
\nsaid the trader. He said the move above Rp 8,700 earlier this
\nweek was based on \"noise and rumors\" as some investors played up
\nthe disarray, and a correction was expected.<\/p>\n
Market watchers and investors, meanwhile, were also taken
\naback when International Monetary Fund Managing Director Horst
\nKoehler said Thursday that capital controls shouldn't be a
\n\"taboo\" subject, in response to a question about what would be
\ndiscussed when he visits Indonesia.<\/p>\n
At any rate market watchers say the Rp 8,300 support for the
\nU.S. dollar looks likely to hold for now and to define the lower
\nend of a fairly broad range for the currency. Thio Chin Loo,
\nParibas currency strategist, expects continued trade in the range
\nbetween Rp 8,300 and Rp 8,800.<\/p>\n
The Thai baht was also higher, in part just following along
\nwith the rupiah and others, said a dealer with a U.S. bank. But
\nhe said hopes for an upgrade to Thailand's credit rating also
\nbacked the move.<\/p>\n
The U.S. dollar was trading at 39.09 baht, down from 39.125
\nbaht late Wednesday.<\/p>\n
Moody's Investors Service Inc. will decide by mid-June whether
\nto upgrade Thailand's sovereign credit rating from its current
\njunk status, said a senior analyst with the agency.<\/p>\n
The Philippines peso rose to 42.555 pesos to the U.S. dollar,
\nstronger than the 42.649 level late Wednesday.<\/p>\n
Against the Korean won, meanwhile, the U.S. dollar was up in
\npart on a report that Hana Bank has provided emergency loans of
\n85 billion won to Korea Merchant Bank Corp., said traders.<\/p>\n
Late in the day the U.S. unit was trading at 1,131.9 won, up
\nfrom 1,129.40 late Wednesday.<\/p>\n
Korea Merchant Banking Corp. said Thursday it has received a
\nloan of 85 billion won in short-term loans from Hana Bank to help
\nit over a temporary liquidity shortage.<\/p>\n
The U.S. dollar was trading at S$1.7306, down from S$1.7330.
\nAgainst the New Taiwan dollar, the U.S. dollar is trading at
\nNT$30.83, little changed from NT$30.81.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mostly-stronger-1447893297",
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"sponsor": "Okusi Associates",
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