Asian monies mostly up late, led by Singapore dollar rise<\/p>\n
TOKYO (Dow Jones): Most Asian currencies strengthened against
\nthe U.S. dollar late Friday, driven by the Singapore dollar's
\nrise on suspected intervention by the Monetary Authority of
\nSingapore and by the surge in many Asian stock markets, dealers
\nsaid.<\/p>\n
The Indonesian rupiah ended lower Friday after President
\nAbdurrahman Wahid snubbed a suggestion that he hands additional
\npower to Vice President Megawati Soekarnoputri to resolve the
\ncurrent political crisis, dealers said.<\/p>\n
The dollar closed at Rp 11,280, up from Rp 11,200 Thursday.<\/p>\n
Wahid ruled out Friday giving further powers to Megawati as a
\nway of ending a debilitating political standoff with Parliament.<\/p>\n
\"I have already given her everything and she is very happy
\nwith that,\" Wahid told reporters.<\/p>\n
Dealers said the dollar regained its wind after the news hit
\nthe market. Earlier in the day, the dollar's rise was capped by
\nprofit taking.<\/p>\n
\"Political reconciliation seems elusive now after Wahid's
\ncomment,\" said a dealer with a foreign bank.<\/p>\n
Dealers expect the dollar to trade between Rp 11,000 and Rp
\n11,500 next week.<\/p>\n
The Singapore dollar pulled up most of the regional currencies
\nin early Asian trading when the de-facto central bank apparently
\nintervened via its agent banks to buy the local currency, dealers
\nsaid.<\/p>\n
However, the Singapore dollar's gains were later trimmed by
\nsome selling from local importers.<\/p>\n
Still, fears of further possible MAS intervention kept the
\nSingapore dollar well supported against its U.S. counterpart for
\nthe rest of the session, helping to underpin the majority of the
\nAsian currencies, dealers said.<\/p>\n
Given the more aggressive suspected MAS intervention this
\nweek, the Development Bank of Singapore said it expects U.S.
\ndollar bulls to back off from probing the psychologically
\nimportant S$1.8200 level for now.<\/p>\n
At 0730 GMT (2:30 p.m. Jakarta time), the U.S. dollar was
\nquoted at S$1.8145, down from S$1.8191 late Thursday.<\/p>\n
The South Korean won clawed back lost ground against the U.S.
\ndollar, largely on a Yonhap News Agency report that General
\nMotors Corp. will soon submit a bid of up to $2 billion for
\nbankrupt Daewoo Motor Co.<\/p>\n
The positive performance of the Korea Composite Stock Price
\nIndex, or Kospi, added to the won's rise. The Kospi finished up
\n0.3 percent, or 1.68 points, at 583.06 on retail investors'
\nbuying and hopes of more U.S. interest rate cuts.<\/p>\n
Late Friday, the U.S. dollar was quoted at 1,300.9 won, down
\nfrom Thursday's close of 1,305.9 won.<\/p>\n
In Manila, the Philippine peso rose against the U.S. dollar on
\ngrowing hopes for a peaceful and orderly mid-term election next
\nMonday, though some traders think a further peso rise will likely
\nbe capped by lingering caution.<\/p>\n
Expectations that the candidates of the administration of
\nPresident Gloria Macapagal Arroyo will perform well in the
\nelections also bolstered the peso as well as the stock market.<\/p>\n
Late in Asia, the U.S. dollar was quoted at 50.300 pesos on
\nthe Philippine Dealing System, down from 50.590 pesos Thursday.<\/p>\n
In Taipei, the New Taiwan dollar got a lift against the U.S.
\ndollar on rumored intervention by the nation's central bank and
\nthe rally of the Taiwanese stock market.<\/p>\n
Against the New Taiwan dollar, the U.S. dollar was quoted at
\nNT$32.882 in late trading, marginally down from NT$32.884
\nThursday.<\/p>\n
In Bangkok, the Thai baht eked out minor gains against the
\nU.S. dollar, benefiting from the Singapore dollar's strength and
\nsome buying from offshore-based banks.<\/p>\n
Late in Asian trading, the U.S. dollar was quoted at 45.465
\nbaht, down from 45.485 baht late Thursday.<\/p>",
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