Rupiah higher, Asian monies mostly down late<\/p>\n
JAKARTA (Dow Jones): The Indonesian rupiah closed slightly
\nhigher Thursday helped profit taking on the dollar following its
\nrise Wednesday and early Thursday.<\/p>\n
The dollar closed at Rp 9,348 in Asia, down from Rp 9,365 late
\nWednesday. The U.S. currency rose to an intraday high of Rp 9,408
\nrupiah.<\/p>\n
Dealers added state banks - believed to act on the behalf of
\nBank Indonesia - sold the dollar sporadically which resulted in
\nthe dollar's slide.<\/p>\n
\"We will continue to take profit until the dollar is at Rp
\n9,300 and will buy the unit back at the level,\" said a dealer
\nwith a foreign bank. \"The dollar is still on track to test Rp
\n9,450 resistance as local companies still need dollars for year-
\nend debt payment.\"<\/p>\n
Meanwhile, Most Asian currencies were pushed lower Thursday by
\na combination of local factors and general dollar firmness
\nglobally.<\/p>\n
In Taipei, the New Taiwan dollar slipped as investor pessimism
\nover banking-sector reforms and political instability sent local
\nstock prices tumbling by nearly 5 percent.<\/p>\n
The dollar closed at NT$32.196, up from NT$32.176 late
\nWednesday. The U.S. dollar had hit a high of NT$32.260 in
\nintraday trading, but was capped by central bank intervention,
\ndealers said.<\/p>\n
The central bank accounted for roughly half of Thursday's
\nvolume of US$674 million, a dealer at a foreign bank estimated.<\/p>\n
Market sentiment toward the New Taiwan dollar was dealt a blow
\nwhen a central bank deputy governor acknowledged Wednesday that
\nthe asset quality of Taiwan's new private banks was weak, said
\nChi Lo, currency strategist at Standard Chartered Bank in Hong
\nKong.<\/p>\n
\"Taiwan over the past 15 years has had no structural policy to
\ncleanse the banking sector of its bad debts,\" Lo said. \"This time
\naround the structural problems are more obvious and they're even
\ncatching the eye of authorities,\" he said.<\/p>\n
Against the South Korean won, the dollar closed at 1,138.30
\nwon, up from Wednesday's close of 1,135.70 won.<\/p>\n
Intraday trading was driven in part by U.S. dollar-buying by
\nimporters and overseas players in the forward market, dealers
\nsaid.<\/p>\n
The Philippine peso was pressured by corporate demand for U.S.
\ndollars and a growing view that the country's political turmoil
\nmay continue for some time.<\/p>\n
The peso had rallied in the past two trading sessions on hopes
\nthat President Joseph Estrada might be forced from office quickly
\nfollowing his impeachment Monday by the House of Representatives.<\/p>\n
But the outlook is now less certain, with a bitter battle
\nexpected when Estrada stands trial in the Senate next month over
\ncorruption allegations.<\/p>\n
The dollar closed at 49.890 pesos on the Philippine Dealing
\nSystem, up from 49.800 pesos at the previous close.<\/p>\n
The Singapore dollar and Thai baht couldn't overcome the
\ngeneral firmness the U.S. dollar has been enjoying lately in
\nglobal markets, dealers said.<\/p>\n
Late in Asia, the U.S. dollar was quoted at S$1.7482, up from
\nS$1.7438 late Wednesday.<\/p>\n
A stronger-than-expected 16.4 percent rise in Singapore's
\nOctober non-oil exports failed to blunt the strength of the U.S.
\ndollar, which remained well bid in Asia against the backdrop of
\nrising oil prices and potentially higher U.S. interest rates.<\/p>\n
Against the Thai baht, the U.S. dollar was quoted at 43.865
\nbaht, up from 43.605 baht late Wednesday.<\/p>",
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