Asian currencies mostly up late<\/p>\n
Netty Ismail, Singapore, Dow Jones<\/p>\n
Most Asian currencies were stronger late Thursday - several
\nhit multi-month highs - as the U.S. currency continued to take a
\ndrubbing in international foreign exchange markets, particularly
\nagainst the yen.<\/p>\n
The dollar sank below 129 yen for the first time since March
\n15, and was quoted at 128.86 yen at 0913 GMT (4.13 p.m. Jakarta
\ntime), lower than 129.64 yen in New York and 130.28 yen in Tokyo
\nlate Wednesday.<\/p>\n
"The stronger yen is part of that soft international dollar
\nstory," said David Simmonds, a regional currency strategist at
\nSalomon Smith Barney\/Citibank. "That allows Asian currencies to
\ngain ground against the dollar."<\/p>\n
Still, Asian currency bulls have become increasingly wary of
\nprovoking the region's central banks, some of which have started
\nto show unease over their respective currencies inexorable rise
\nof late.<\/p>\n
The Singapore dollar surged to a six-month high after muscling
\nthrough the key resistance level around S$1.8120 - the 200-day
\nmoving average - against the U.S. currency.<\/p>\n
Even so, the Singapore dollar failed to take out the
\npsychologically important S$1.8100 level, as foreign exchange
\nparticipants were wary of testing the resolve of the local
\nmonetary authority, dealers said.<\/p>\n
The Singapore dollar rose to an intraday peak of S$1.8108 -
\nits strongest level since mid-October - before retreating to
\nconsolidate around S$1.8120 around 1000 GMT (5 p.m. Jakarta
\ntime).<\/p>\n
Late Wednesday, the Singapore dollar was weaker at S$1.8177.<\/p>\n
Central bank intervention and a 1.6 percent slide on the
\nTaipei bourse kept a rein on the New Taiwan dollar's rise to
\nfresh four-month highs, dealers said.<\/p>\n
The U.S. dollar closed at NT$34.783, lower than NT$34.808
\nWednesday. Dealings totaled US$584 million.<\/p>\n
Taiwan's central bank bought an estimated US$250 million in
\nthe market to stymie the local currency's ascent, dealers said.<\/p>\n
Buoyed in part by dollar remittances from Filipinos working
\noverseas, the Philippine peso strengthened to 50.835 pesos to the
\ndollar, compared with 50.895 pesos Wednesday.<\/p>\n
The Thai currency was quoted at 43.210 baht to the dollar,
\ncompared with 43.26 baht late Wednesday.<\/p>\n
Left out in the cold, the Indonesian currency was dragged down
\nby demand for dollars by corporations needing to pay their
\nmaturing debts.<\/p>\n
An upgrade in Indonesia's B3 sovereign ratings outlook by
\nMoody's Investors Service Inc. to positive from stable failed to
\ninspire the rupiah, which has already strengthened sharply since
\nthe start of the year to outperform its regional peers.<\/p>\n
The rupiah was quoted at Rp 9,350 against the dollar compared
\nwith Rp 9,255 late Wednesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-mostly-up-late-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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