DJ Asian Currencies Mixed Late; Rupiah Near 5-Mo High<\/p>\n
Alan Yonan Jr.
\nDow Jones
\nSingapore<\/p>\n
Improving prospects for the privatization of state-held assets
\nin Indonesia helped the rupiah climb to a near five-month high
\nagainst the dollar Tuesday. Other Asian currencies were mixed in
\nrangebound trading.<\/p>\n
The rupiah broke through the psychological 10,000 per dollar
\nbarrier as investors looked to the government's impending sale of
\nits 51 percent stake in PT Bank Central Asia as a sign that
\nprivatization efforts are beginning to take hold.<\/p>\n
Late in Asian trading the dollar was quoted at Rp 9,980, down
\nfrom Rp 10,075 late Monday, and its weakest finish since Rp 9,970
\non Oct. 15.<\/p>\n
\"Sentiment is improving on the feeling that the BCA sale could
\nmark a turning point in asset sales,\" said Nizam Idris, regional
\neconomist at IDEAglobal. \"This will be a significant investment
\ncoming after a long drought.\"<\/p>\n
Indonesian officials are hoping the auction of BCA will help
\nresurrect foreign interest in the Indonesian economy that
\ndisappeared after the 1997-98 Asian financial crisis.<\/p>\n
The rupiah has been slowly appreciating since the start of the
\nyear, exhibiting relative stability following several years of
\ntremendous volatility.<\/p>\n
The New Taiwan dollar was pushed higher by foreign inflows
\ninto the local stock market.<\/p>\n
The U.S. dollar closed at NT$35.069, compared with the
\nprevious close of NT$35.090. The currencies traded in a narrow
\nrange of NT$35.062 to NT$35.062.<\/p>\n
Foreign investors bought a net NT$15.5 billion worth of local
\nequities on Tuesday, according to the Taiwan Stock Exchange.<\/p>\n
The South Korean won was similarly buoyed by gains in local
\nstocks, as well as improving prospects for the economy.<\/p>\n
The dollar ended at 1,316.4 won Tuesday versus 1,318.2 won
\nMonday. The trading range was 1,314.6 won to 1,316.8 won.
\nForeign investors bought a net 295.929 billion won worth of
\nshares.<\/p>\n
South Korean business confidence rose to a record high in
\nMarch according to a survey by the Federation of Korean
\nIndustries. The Federation's index rose to 141.9 in March from
\n110.7 in February.<\/p>\n
The Philippine peso edged lower, one day after hitting a new
\nhigh for the year against the dollar.<\/p>\n
The dollar closed at 51.160 pesos on the Philippine Dealing
\nSystem, up from 51.065 pesos Monday. It moved within a range of
\n51.040-51.170 pesos.<\/p>\n
Traders said corporate demand for dollars was strong at levels
\nbelow 51.100 pesos, pulling down the peso.<\/p>\n
The Singapore dollar was little changed against its U.S.
\ncounterpart.<\/p>\n
Near the end of Asian trading the U.S. dollar was quoted at
\nS$1.8290, down slightly from S$1.8292 late Monday.<\/p>\n
The U.S. dollar hit an intraday high of S$1.8305 at midmorning
\non U.S. dollar short covering, but then weakened in tandem with
\nits slide against the yen.<\/p>\n
The Thai baht weakened on expectations that equity related
\ninflows would decline following profit taking in the local stock
\nmarket.<\/p>\n
Late in Asia the dollar was quoted at 43.665 baht, up from
\n43.600 baht late Monday.<\/p>",
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