Asian monies down, S$ hits 3-month low<\/p>\n
Netty Ismail, Dow Jones, Singapore<\/p>\n
Most Asian currencies were slightly weaker late Monday, with
\nthe Singapore dollar outpacing its peers to hit near three-month
\nlows.<\/p>\n
The other currencies were confined in narrow ranges amid a
\ndearth of fresh leads, even though the U.S. dollar remained
\nbuoyant, amid the prevailing security and economic concerns
\nsurrounding the region, dealers said.<\/p>\n
Market speculation over whether the Hong Kong dollar would be
\nre-pegged had pushed up the risk premium on holding Hong Kong
\ndollar forwards at the end of last week, and revived fears of a
\ncompetitive currency devaluation in Asia. The premium eased
\nMonday.<\/p>\n
Still, this failed to rein in the market's bearishness for the
\nSingapore dollar.<\/p>\n
The U.S. dollar had retreated to as low as S$1.8230 - its New
\nYork closing level Friday - before bouncing back to S$1.8260 at
\n0908 GMT (4.08 p.m. Jakarta time) Monday. The U.S. currency was
\nlower at S$1.8195 late Friday in Asia.
\nany dip, dealers said.<\/p>\n
The Indonesian currency had briefly skidded to as low as Rp
\n10,200 to the dollar, before regaining its footing on central
\nbank intervention, dealers said.<\/p>\n
State bank purchases of dollars, believed to be on behalf of
\nthe state-owned oil and gas company Pertamina, had earlier
\ndepressed the rupiah, dealers said.<\/p>\n
A warning Sunday by Indonesian Foreign Minister Hassan
\nWirayuda of a possible Muslim backlash if U.S. attacks in
\nAfghanistan continue past the start of the Muslim holy month of
\nRamadhan on Nov. 17 had also unsettled the rupiah, dealers said.<\/p>\n
The Philippine peso was weaker, but only marginally so
\nfollowing suspected dollar sales by the central bank around
\n51.800 pesos - a level it has been defending in recent sessions,
\ndealers said.<\/p>\n
The dollar closed at 51.775 pesos on the Philippine Dealing
\nSystem, slightly higher than 51.760 pesos Friday.<\/p>\n
The South Korean won ended a touch weaker, as equity-related
\ndollar sales that had been supporting the currency in recent
\nsessions subsided, dealers said.<\/p>\n
Dollar demand by oil importers and fresh speculative positions
\nagainst the won weighed on the South Korean currency, said Mohi-
\nuddin at UBS Warburg. He added that he expects the dollar to rise
\nabove 1,305 won in the near term but stay capped below 1,310 won.<\/p>\n
The dollar finished at 1,303.6 won, marginally up from
\nFriday's close of 1,302.2 won.<\/p>\n
Against the New Taiwan dollar, the U.S. currency closed at
\nNT$34.543, unchanged from Friday.<\/p>\n
The Thai currency barely moved the whole day, and was at
\n44.755 baht per dollar late Monday, compared with 44.740 baht
\nlate Friday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asian-monies-down-s-hits-3-month-low-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}