Asian monies mostly up against dollar<\/p>\n
SINGAPORE (Dow Jones): Asian currencies were mostly higher
\nagainst the U.S. dollar late Tuesday as a stable yen and a
\nstronger rupiah provided support to some Asian currencies,
\nanalysts said.<\/p>\n
Foreign exchange markets were reasonably calm despite the
\nhavoc on the regional stock markets following the sharp declines
\nposted by U.S. equities overnight.<\/p>\n
Stock markets across Asia were generally weaker with
\nSingapore's Straits Times index shedding 2.8 percent and the
\nKorea Composite Stock Price Index down 3.1 percent.<\/p>\n
The South Korean won, Singapore dollar, Indonesian rupiah, and
\nThai baht gained Tuesday, while the New Taiwan dollar and
\nPhilippine peso were slightly weaker.<\/p>\n
The rupiah Tuesday rebounded sharply a day after it plunged
\nbelow Rp 11,000 to the dollar on political and economic concerns.<\/p>\n
Bank Indonesia intervened in the foreign exchange markets for
\nthe third straight trading day and the dollar closed at Rp 10,200
\nrupiah, down from Rp 10,500 at Monday's finish.<\/p>\n
Dealers in Singapore and Jakarta said the Indonesian central
\nbank entered a thin market and sold as much as US$70 million to
\ndefend the rupiah.<\/p>\n
However, the overall market sentiment remains bearish. Some
\nplayers continue to bet that President Abdurrahman Wahid will
\nhave to consider some form of capital controls to shore up the
\nrupiah.<\/p>\n
The yen was quoted at Y120.17 against the dollar in late Asian
\ntrading, up from Y120.60 late Monday in Asia.<\/p>\n
"The yen strengthened, influencing sentiment," said Rebecca
\nPatterson, global foreign exchange strategist at JP Morgan in
\nSingapore.<\/p>\n
The yen was spared a selloff in reaction to plummeting
\nJapanese share prices Tuesday, as losses in the benchmark Nikkei
\n225 were within market expectations, players said.<\/p>\n
Just how much the foreign exchange market expected the Nikkei
\nto drop wasn't clear, but the benchmark did shed 2.9 percent to
\nclose at 11,819.70, the lowest finish since January 1985.<\/p>\n
The South Korean won was one of the beneficiaries of the yen's
\nstability. After opening weaker at 1,284.0 won to the dollar, the
\nwon strengthened throughout the day closing at 1,275.3 won, up
\nfrom Monday's close of 1278.40 won.<\/p>\n
However, the New Taiwan dollar ended at a six-week closing low
\non concerns about foreign outflows from the equities market.
\nForeign investors Tuesday sold a net NT$2.57 billion in main
\nboard shares.<\/p>\n
The Singapore dollar fell in early trading in a knee-jerk
\nreaction to the declines in the equities markets but recovered in
\nlater trading, tracking the yen and rupiah.<\/p>\n
Fears of intervention by the Monetary Authority of Singapore
\nalso capped the U.S. dollar's rise against the Singapore dollar,
\ndealers said.<\/p>\n
The Singapore dollar was quoted at S$1.7594 to the U.S. unit
\nin late trading, from S$1.7617 late Monday.<\/p>\n
The Philippine peso closed lower in reaction to the slump in
\nequities. The U.S. dollar closed at 48.160 pesos on the
\nPhilippine Dealing System, up from 48.145 pesos Monday.<\/p>\n
The Thai baht ended stronger against the U.S. dollar in Asia
\nas investors unwound long-dollar positions following the retreat
\nof the U.S. unit against other regional currencies, dealers said.<\/p>\n
The dollar finished at 43.55 baht, down from 43.72 pesos at
\nthe Asian close Monday.<\/p>",
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