Most Asia currencies close higher<\/p>\n
SINGAPORE (Dow Jones): Most Asian currencies were higher late
\nThursday, with the Philippine peso bucking the trend,
\nunderscoring yet again that there is only so much the central
\nbanks could do to counter the pressure from domesticpolitical
\nwoes, market watchers said. Like the peso, the Indonesian rupiah
\nwas also left out in the cold after it slumped to a 26-month low
\nin London trading Wednesday.<\/p>\n
The South Korean won, the New Taiwan dollar and the Singapore
\ndollar were stronger. The Thai baht was steady.<\/p>\n
Short of imposing capital controls, the central banks,
\nespecially those in the Philippines, Indonesia and Thailand, seem
\nrather helpless in preventing their currencies from being wounded
\nby domestic political anxieties, some analysts said.<\/p>\n
The Philippine authorities, for example, recently tightened
\nits foreign exchange regulations and raised domestic interest
\nrates sharply to defend its currency.<\/p>\n
After stagnating for many sessions, the Indonesian currency
\nthrew many participants off guard after it skidded to a 26-month
\nlow of 9,675 rupiah against the dollar in London trading
\nWednesday.<\/p>\n
The London offices of a Hong Kong and a U.S. bank were said to
\nhave bought dollars aggressively, which in turn fueled stop-loss
\nbuying in dollars when it pierced through Rp 9,600, dealers said.<\/p>\n
Dollar-selling by Indonesian state banks, believed to have
\nacted on behalf of the central bank, pushed the U.S. currency
\nback below Rp 9,600.<\/p>\n
Late Thursday, the dollar was at Rp 9,575, up from Rp 9,522
\nlate Wednesday.<\/p>\n
Currency watchers played down the attribution of the rupiah's
\nrenewed weakness to central bank Governor Sjahril Sabirin's
\nreturn to office Wednesday, following his five month detention.<\/p>\n
Instead, keen dollar demand by local corporations that need to
\nrepay their foreign debt had pushed the rupiah lower, they said.<\/p>\n
Liquidation of long U.S. dollar positions, which had been
\nbuilt up recently, helped lift the Singapore dollar, the South
\nKorean won and the New Taiwan dollar, dealers said.<\/p>\n
Against the Singapore dollar, the U.S. currency slid to
\nS$1.7367 from S$1.7432 late Wednesday.<\/p>\n
In Seoul, the dollar closed at 1,195.3 won, down from 1,200.9
\nwon Wednesday.<\/p>\n
Against the New Taiwan dollar, which was aided by central bank
\nintervention, the U.S. dollar closed at NT$33.038, down from
\nNT$33.065 Wednesday.<\/p>\n
The Thai currency tracked the Singapore dollar's gains,
\nstrengthening to 43.405 baht against the dollar, from 43.685 baht
\nlate Wednesday.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/most-asia-currencies-close-higher-1447893297",
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