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.