Rupiah inches up at donors' support of state budget<\/p>\n
Leigh Murray and Netty Ismail, Dow Jones, Jakarta and Singapore<\/p>\n
The Indonesian rupiah closed higher against the dollar
\nThursday after international donors pledged US$3.14 billion to
\nhelp finance the 2002 budget deficit, traders said.<\/p>\n
After touching an intraday high of Rp 10,600, the dollar
\nclosed at Rp 10,485 compared with Rp 10,638 Wednesday.<\/p>\n
News that Indonesia will receive the funds from international
\ndonors for next year's budget lifted sentiment toward the local
\ncurrency.<\/p>\n
Jemal-ud-din Kassum, the World Bank's East Asia and Pacific
\nvice president, said the funds reflect the commitment of the
\nlenders toward Indonesia, under the Consultative Group On
\nIndonesia.<\/p>\n
However, he said they had also urged the Indonesian government
\nto work quickly on reforms to help spur an economic recovery.<\/p>\n
Traders said Bank Indonesia also intervened heavily to bring
\nthe dollar back below Rp 10,500.<\/p>\n
They said further central bank intervention is expected to
\nkeep the pair in a Rp 10,400 to Rp 10,500 range Friday.<\/p>\n
Other Asian currencies were higher late Thursday, with the
\nSouth Korean won continuing to outshine its regional peers as it
\nclimbed to its strongest level in almost two-months.<\/p>\n
The dollar ended at 1,285.10 won, down from 1,292.60 won
\nWednesday.<\/p>\n
As expected, the central bank left its overnight call rate
\nunchanged at 4 percent, as the South Korean economy showed signs
\nof a \"slight\" improvement in September, largely as a result of an
\nincrease in domestic demand.<\/p>\n
The New Taiwan dollar ended at its strongest level in almost
\nfive months, even after relinquishing part of its earlier gains,
\nas the central bank displayed its resolve to keep the U.S.
\ncurrency above NT$34.500, dealers said.<\/p>\n
Buoyed by the regional currency strength and seasonal
\nremittance inflows from overseas workers, the Philippine currency
\nended firmer at 51.750 pesos to the dollar, from 51.880 pesos
\nWednesday.<\/p>\n
The central bank's decision to slash its overnight rates by 50
\nbasis points and restore tiered rates on its overnight borrowing
\nfacility - a further de facto easing - failed to stir the peso
\nmarket, dealers said.<\/p>\n
The Thai currency was stronger at 44.480 baht per dollar,
\ncompared with 44.640 baht late Wednesday.<\/p>\n
Uninspired by the regional currency strength, the Singapore
\ndollar was steady from late Wednesday, at S$1.8169 against the
\nU.S. currency.<\/p>\n
Singapore Telecommunications Ltd.'s announcement late
\nWednesday it would issue the equivalent of US$1.5 billion in
\nbonds contributed to the Singapore dollar's rise overnight,
\ndealers said.<\/p>",
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