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.