Currencies mixed late; rupiah steady<\/p>\n
SINGAPORE (Dow Jones): Asian currencies were mixed late
\nThursday, as the market groped for direction amid persistent
\nworries the problems in Indonesia could explode, dealers said.<\/p>\n
Market participants held back their dollar-selling amid
\nlingering anxiety over Indonesia's political problems and as
\noptimism the U.S. Federal Reserve would be less aggressive in its
\nrate hikes ebbed.<\/p>\n
Meanwhile, the yen's recent vigor smothered the dollar's
\nascent against the other regional currencies, keeping trading
\nconfined within narrow ranges, dealers said.<\/p>\n
The market is awaiting the release Friday of Japan's first-
\nquarter economic report card. During the January to March
\nquarter, Japan's economy is projected to have grown a strong 2.8
\npercent quarter-on-quarter. Regional currencies could get a boost
\nFriday if the actual data surprises on the upside, currency
\nwatchers said.<\/p>\n
After rising to an intraday high of Rp 8,685, the dollar
\nclosed at Rp 8,623, virtually unchanged from Rp 8,620 late
\nWednesday.<\/p>\n
Currency watchers said the dollar is set to climb to IDR8,800
\nin the next few weeks with Indonesia's political imbroglio.<\/p>\n
Although President Abdurrahman \" Gus Dur\" Wahid Wednesday
\ndismissed speculation that he faces possible impeachment, saying
\nhe had received assurances of support from Indonesia's political
\nparty leaders, the market remains wary.<\/p>\n
\"The risk of impeachment has never been discounted, although
\nconstitutionally, they can't remove him unless he violates the
\nconstitution,\" said Philip Wee, treasury economist at Standard
\nChartered Bank.<\/p>\n
The feud between Gus Dur and central bank Governor Sjahril
\nSabirin continued to make investors nervous. Mounting pressure on
\nSjahril - who was declared a suspect in the Bank Bali scandal -
\nto resign has raised doubts over the independence of the central
\nbank and created more anxiety over Wahid's fragile
\nadministration. Sjahril has resisted Gus Dur's calls for him to
\nstep down.<\/p>\n
Market participants are also bracing for any verbal attack
\nexpected to be made by Gus Dur against the central bank governor
\nduring his two-week overseas trip, which started Wednesday,
\ndealers said.<\/p>\n
The glum sentiment in the regional market and major local oil
\nrefiners' move Thursday to hike retail prices of petroleum
\nproducts, which sparked fears of higher inflation, dented the
\nPhilippine peso.<\/p>\n
The dollar closed at 42.480 pesos on the Philippine Dealing
\nSystem, up from Wednesday's close of 42.360 pesos.<\/p>\n
The market positioned behind the dollar following the
\nannouncement late Wednesday of an average 40-centavo increase in
\nprices of petroleum products by major local oil refiners,
\neffective Thursday.<\/p>\n
Indirect intervention by the South Korean government shored up
\nthe dollar against the local currency, dealers said.<\/p>\n
After trading in a very narrow range of less than two won, the
\ndollar finished at 1,115.30 won, up from Wednesday's close at
\n1,113.10 won.<\/p>\n
State-run Korea Development Bank bought dollars around 1,114
\nwon shortly after Thursday's open, following the U.S. currency's
\nfinish Wednesday at a one-month low. Dollar-selling Wednesday by
\nforeign investors to finance their heavy investments in the Seoul
\nstock market had lifted the won.<\/p>\n
The New Taiwan dollar ended marginally lower, eroded by
\noutflows of foreign equity funds from the local stock market,
\ndealers said.<\/p>\n
The U.S. dollar was at NT$30.796, up slightly from the
\nprevious close of NT$30.791.<\/p>\n
Against the Singapore currency, the dollar slipped to
\nS$1.7200, from S$1.7222 late Wednesday in the absence of fresh
\nnews. The U.S. dollar traded within its recent range of S$1.7189
\nand S$1.7238 Thursday.<\/p>\n
In Thailand, the dollar edged up to 38.985 baht, from 38.895
\nlate Wednesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/currencies-mixed-late-rupiah-steady-1447893297",
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