Asian currencies mixed in late trading

Asian currencies mixed in late trading

TOKYO (Dow Jones): Asian currencies were mixed in late trading
Wednesday as the yen's slight weakening against the dollar
weighed on most but fears of central bank intervention pushed the
Indonesian rupiah higher, in turn supporting the Thai Baht.

The Singapore dollar and the South Korean won lost ground
against the U.S. currency after the yen tumbled to a low of
Y120.24 to the U.S. dollar in late trading.

The yen fell as traders' lingering pessimism over the Japanese
economy was amplified by vague talk that some Japanese banks were
facing a downgrade by a U.S. credit rating agency.

The dollar advanced to 1.7600 against the Singapore dollar,
and won regained the 32.54-level in late trading following its
rise against the yen.

However, the Indonesian rupiah, gained against the U.S.
currency as fears of central bank intervention kept traders wary
and helped support the currency.

Reports that Bank Indonesia was calling banks to check rates
helped push the dollar/rupiah briefly back down below Rp 10,000
in early trading, although the dollar managed to recoup some
losses to hover just above Rp 10,000 in late trading.

The U.S. currency closed at NT$32.520 against the Taiwan
dollar, up from the previous close of NT$32.508, in dealings
valued at US$482.0 million.

It was Taiwan currency's lowest close since Jan. 29 when it
dropped to NT$32.525 against the U.S. unit.

Against the South Korean won, the dollar recovered from a weak
start of around 1,270 won to finish at 1,277.9 won, higher than
the previous day's close of 1,275.3 won.

The dollar was also firmer against the Philippine peso,
closing the day at 48.240 peso, against 48.160 peso on Tuesday.

In late trading, the U.S. dollar was stronger against the
Singapore dollar. It was quoted at S$1.7597 at 0812 GMT, up from
S$1.7594 late Tuesday in Asia. It traded in a S$1.7580-S$1.7612
range.

The U.S. dollar's initial weakness against the yen had led to
early weakness against the Singapore dollar, but the U.S. unit
recovered in the afternoon as it regained ground against the yen.

Traders noted that Singapore government-linked companies were
buying the U.S. dollar as they sought to acquire overseas assets.

A survey of 27 economists published by the Monetary Authority
of Singapore late Tuesday showed that the island's economic
growth was expected to slow to around 5 percent from 9.9 percent
in 2000.

The dollar, recovering from a weak start against the Thai baht
at 43.525 baht, was quoted at 43.58 baht at 0912 GMT, up from
Tuesday's closing level of 43.55 baht.