Asian currencies mixed late

Asian currencies mixed late

Netty Ismail, Dow Jones, Singapore

Asian currencies were mixed late Tuesday as the dollar
struggled to make headway even though the airliner crash in New
York overnight appeared to be an accident, rather than a follow-
up to the Sept. 11 terrorist attacks, dealers said.

Market watchers said it was difficult to accurately assess the
full impact of the plane crash, as some participants stayed away
from U.S. markets Monday to mark Veterans' Day.

Whether the crash was in fact an accident or another terrorist
attack will go a long way toward determining the impact on
already fragile U.S. consumer confidence and the broader economic
consequences.

Still, the dollar managed to regain its footing against the
yen in Asia Tuesday, after the initial shock of the American
Airlines plane crash in New York sent the U.S. currency reeling
temporarily below 120 yen overnight.

At 0855 GMT, the dollar was quoted at 121.15 yen, above 120.40
yen late Monday in New York.

The South Korean won, the New Taiwan dollar and the Thai baht
yielded to the pressure from the yen, although the extent of
their declines trailed that of the Japanese currency, dealers
said.

The Singapore dollar and the Philippine peso were steady,
while the Indonesian rupiah was slightly firmer.

The South Korean won reacted with indifference to Standard &
Poor's move Tuesday to raise South Korea's sovereign credit
ratings.

Instead, the currency felt the pain from the yen's retreat and
as foreign investors turned net sellers of equity after their
recent buying spree on the Seoul bourse, dealers said. The dollar
ended at 1,287.4 won, higher than 1,284.5 won Monday.

In a widely anticipated move, S&P raised by one notch South
Korea's long-term foreign currency ratings to BBB+ from BBB.

Trading is expected to remain cautious ahead of the
announcement of Taiwan's third-quarter gross domestic product
data Friday.

The Indonesian rupiah regained its footing with the help of
suspected central bank intervention, dealers said. Late in the
day, the dollar was at 10,665 rupiah, slightly lower than 10,685
rupiah late Monday.

The Singapore dollar was steady at S$1.8252 against its U.S.
counterpart, compared with S$1.8253 late Monday, as participants
abstained from taking any major positions ahead of a Hindu
holiday Wednesday.