Asian monies fall on bourse sell-off<\/p>\n
SINGAPORE (Dow Jones): Plunging stock prices pushed most Asian
\ncurrencies lower Monday with only the Singapore dollar and the
\nThai baht escaping the market's wrath.<\/p>\n
The rout in Asian equities was triggered by last week's
\nspectacular implosion on Wall Street that was capped Friday by
\nrecord point drops in the Dow Jones Industrial Average and Nasdaq
\ncomposite index.<\/p>\n
The Indonesian rupiah had only a mild setback, despite a
\nnearly 5 percent decline in the local stock market.<\/p>\n
The dollar was bid up to nearly Rp 7,700 in intraday trading
\nas offshore players who had shorted the U.S. currency had to buy
\ndollars to cover their positions.<\/p>\n
Other participants, however, were quick to take profit on the
\ndollar's rise on the view that the dollar was overshooting.<\/p>\n
At the close the U.S. dollar was quoted at Rp 7,670, up from
\nRp 7,623 late Friday.<\/p>\n
In South Korea, where both the Composite Stock Price Index and
\nthe technology-heavy Kosdaq suffered record losses, the won hit
\nan intraday low of 1,115.30 to the dollar before regaining its
\ncomposure. At the close the dollar was quoted at 1,113.80 won, up
\nfrom 1,111.0 won late Friday.<\/p>\n
The New Taiwan dollar edged lower, but central bank selling of
\nU.S. dollars helped limit losses in the local currency.
\nAuthorities reportedly sold the U.S. dollar around the NT$30.560
\nlevel.<\/p>\n
At the close the U.S. dollar was quoted at NT$30.555, up from
\nNT$30.461 Friday.<\/p>\n
The Singapore dollar, shrugging off a massive sell-off in
\nlocal stocks, rose to its highest level against the U.S. dollar
\nin more than a month.<\/p>\n
The U.S. dollar touched an intraday low of S$1.7042 late in
\nthe session, its weakest performance against the Singapore
\ncurrency since March 13. The U.S. dollar recovered slightly and
\nnear the end of trading was quoted at S$1.7055, down from
\nS$1.7115 late Friday.<\/p>\n
The Philippine peso was pressured lower by both Wall Street's
\ndeclines and the prospects of a higher-than-expected rise in U.S.
\ninterest rates next month.<\/p>\n
The dollar shot up to 41.270 pesos in the opening hours of
\ntrading before the peso recovered.
\nmarket if necessary.<\/p>\n
The Thai baht weathered the stock market volatility with
\naplomb.<\/p>\n
Late in Asia the dollar was quoted at 37.885 baht, down from
\n37.965 baht Friday.<\/p>",
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