Asian currencies recover against dollar<\/p>\n
SINGAPORE (AFP): Asian currencies recovered on Tuesday after
\nlosing ground against the U.S. dollar following a fall in the
\nbaht amid fears Thailand's bad loans problem was getting worse,
\ndealers said.<\/p>\n
The regional currencies ended mixed when fortunes reversed
\nwith the dollar sliding amid position-squaring by funds before
\nthe new year and reports that Japanese houses might unload U.S.
\nTreasury bills to cover up positions at home.<\/p>\n
The baht recovered to close at 36.80 against the dollar from
\nMondays' close of 36.93.<\/p>\n
Reports that Thailand might reduce interest rates to about
\nnine percent in 1999 from about 11 to 12 percent at present did
\nnot have much impact on the currency, said Alison Seng, analyst
\nwith U.S. research house Standard and Poor's MMS here.<\/p>\n
\"The rates were due to fall anyway due to benign inflation,\"
\nshe said.<\/p>\n
The baht had earlier fallen to a low of 37.20 against the
\ndollar after the Thai central bank announced a day earlier that
\ncommercial banks' bad debts had soared to 46 percent of total
\nlending, prompting warnings that restructuring in the crippled
\nsector was well behind schedule.<\/p>\n
The yen ended higher Tuesday against the dollar to 115.35 from
\nNew York's close of 116.07 and Singapore's close of 116.25 on
\nMonday.<\/p>\n
The Taiwan dollar edged higher to 32.246 from 32.259 and the
\nPhilippine peso to 39.090 from 39.145.<\/p>\n
The Singapore dollar fell to 1.6597 from 1.6585 and the South
\nKorean won to 1,209.50 from 1,209.20.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-currencies-recover-against-dollar-1447893297",
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"sponsor": "Okusi Associates",
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