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.