Most Asian currencies gain ground<\/p>\n
SINGAPORE (Dow Jones): The Singapore dollar and the Thai baht
\nstrengthened marginally, while the Philippine peso eased back in
\nanother mixed session for Southeast Asian currency markets on
\nTuesday.<\/p>\n
The Indonesian rupiah closed steady against the U.S. dollar
\nTuesday as participants continued staying on the sidelines ahead
\nof the June election.<\/p>\n
The dollar closed at Rp 8,604 in the spot market, slightly
\ndown from Rp 8,612 traded late Monday, as state banks sold a
\nmeager amount of the U.S. currency.<\/p>\n
\"It seems that nobody wants to touch the rupiah at this time,\"
\nsaid a dealer with a joint venture bank.<\/p>\n
In North Asia, bullish sentiment towards local stock markets
\ncontinued to lift the South Korean won and the new Taiwan dollar,
\nas dealers reported sustained interest to buy regional currencies
\nfrom foreign investors.<\/p>\n
The rise in the Singapore dollar, which saw the U.S. dollar
\npushed below the psychologically important S$1.70 level, was
\nwidely attributed to inflows of foreign portfolio funds destined
\nfor investment in the local stock market, which now is up by 35
\npercent over the year to date.<\/p>\n
Sales of the U.S. currency by a U.S. investment bank early in
\nthe day caught the market long U.S. dollars against the Singapore
\ndollar, said traders, precipitating further sales, which drove
\nthe U.S. currency to an intraday low of S$1.6970.<\/p>\n
Even though the authorities failed to intervene to support the
\nU.S. currency at the S$1.70 level, dealers remain fearful that
\nthe Monetary Authority of Singapore could step in should the U.S.
\ndollar fall much further and push the Singapore dollar out of
\nline on a trade-weighted basis.<\/p>\n
Late in Asian trading the U.S. dollar had recovered slightly
\nfrom its earlier intraday low to be quoted at S$1.6988, down from
\nS$1.7060 late the previous day.<\/p>\n
The slight rise of the Thai baht during Asian trading was
\ndismissed as insignificant by most dealers, who noted that the
\nU.S. currency remained locked in the 37.40 baht to 37.80 baht
\nrange it has stuck to for over a week.<\/p>\n
After dollar-buying failed to breach the top of that range
\nearly Tuesday - with the U.S. currency topping out at THB37.75 -
\na retracement was only to be expected, they said.<\/p>\n
Late in Asia the U.S. currency had eased to 37.6150 baht, down
\nfrom 37.7150 baht late on Monday.<\/p>\n
Elsewhere in the region, the Philippine peso lost ground to
\nthe U.S. dollar as traders covered short positions in the U.S.
\ncurrency built up over recent weeks as the peso has strengthened.<\/p>\n
At the close of local dealing, the U.S. dollar was quoted at
\n38.010 pesos, compared with 37.995 pesos at the end of Monday's
\ntrading session.<\/p>\n
In North Asia, the South Korean won further extended its
\nupward trend. Dealers said that customary month-end revenue
\nrepatriation by local exporters compounded the effect of won-
\nbuying by foreign investors, who continue to pour money into the
\nlocal stock market.<\/p>\n
By the end of local trading on Tuesday the U.S. currency had
\ndropped to 1,182.90 won, down from 1,186.00 won the day before.<\/p>\n
With officials not overly concerned about the level of the
\nstock market, many observers expect the equity rally to continue.<\/p>\n
The new Taiwan dollar also ended higher as foreign fund flows
\ninto the local stock market in Taipei continued unabated, despite
\nprofit-taking by domestic investors.<\/p>\n
At the close, the U.S. dollar was at NT$32.682, down from
\nNT$32.695 at Monday's close.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/most-asian-currencies-gain-ground-1447893297",
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"sponsor": "Okusi Associates",
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