Asian currencies end lower against dollar
Asian currencies end lower against dollar
SINGAPORE (Agencies): Asian currencies ended largely lower against the U.S. dollar on Friday after being locked in tight ranges in lethargic trading, dealers said.
The yen closed Asian trading here at 117.37 against the dollar from 117.10 in New York on Thursday, with the greenback's upside capped by uncertainty over the U.S. economy following falls on Wall Street.
At this stage the baht is looking pretty strong. A lot of people are positioned short (the dollar) going into this auction," said the European bank trader.
Late in Asia on Friday, the U.S. dollar was trading at 35.7250 baht, hardly changed from 35.6900 baht towards the end of interbank trading on Thursday.
The Singapore dollar also moved little during Asian trading. With traders afraid that the Monetary Authority of Singapore was bidding for U.S. dollars at levels around S$1.6450, and with the U.S. dollar's upside potential capped at around S$1.6500 by its weakness against the yen, there was nowhere for the local currency to go, complained traders.
Late in Asian dealing, the U.S. dollar was quoted at S$1.6490, up marginally from S$1.6472 at the same time the previous day.
Rupiah, too, was flat on Friday. Late in Asian trading the U.S. dollar was quoted at 7,525 rupiah, barely changed from 7,507 rupiah late Thursday.
The Philippine peso, however, slipped Friday after corporate orders to buy U.S. dollars triggered a flurry of position- covering from banks that had been sitting on short positions in the U.S. dollar.
By the close of trading on the Philippine Dealing System, the U.S. dollar had risen to 39.040 peso from 38.870 peso at the previous close.
In North Asia, the New Taiwan dollar edged a little higher from Thursday's closing levels, even though the central bank continued to sell the local currency to meet strong demand from Taiwanese exporters and foreign investors.
At the end of domestic trading, the U.S. dollar was at NT$32.284, down from NT$32.295 at Thursday's close.
The South Korean won ended flat at 1,207 to the U.S. dollar.