Asian currencies mixed, trading subdued
Asian currencies mixed, trading subdued
Dow Jones, Singapore
Most Asian currencies were mixed Monday with trading subdued in some markets after a long holiday weekend.
The New Taiwan dollar and Philippine peso were virtually unchanged, while the Singapore dollar, Thai baht and South Korean won weakened. The Indonesian rupiah finished marginally stronger.
Foreign exchange traders in Singapore, Indonesia and the Philippines returned to their desks Monday after taking the day off for the Good Friday holiday last week.
In addition, the fact that markets were closed Monday in Hong Kong and several European cities for the extended Easter holiday contributed to the muted trading, dealers said.
The yen's weakness against the dollar applied some downward pressure to the Singapore dollar and won, but wasn't a major factor in Asian trading Monday.
The won slipped despite trade data that provided more evidence Korea's economic recovery is well in hand.
The government reported that Korea's exports fell 5.2 percent in March from a year ago, compared with a 16.8 percent on-year fall in February. It was the smallest decline in exports since they fell 2.1 percent in March 2001.
"The data might fuel further speculation that the central bank might move to hike rates at its monthly board meeting this Thursday," Bank of America said in a note to clients.
The U.S. dollar closed at 1,327.5 won, up from Friday's close at 1,325.9 won.
The won opened the day on a strong note, causing some participants to take short positions in the dollar. But when interest in the won began to fizzle at around 1,324.5 won a dollar in line with the softening yen, some players were forced to cover their short positions, helping drive the U.S. currency back up.
The yen took a hit after a key survey of Japanese business sentiment failed to improve as many analysts had expected it to.
Late in Asian trading the dollar was quoted at 133.35 yen, up from 132.72 yen late Friday in New York.
Holiday related market closures, as well as a weekend earthquake in Taiwan, kept many foreign exchange players sidelined, dealers said.
The U.S. dollar closed at NT$35.002 compared with the previous close of NT$35.000.
The earthquake, which measured 6.8 on the Richter scale, killed five people and injured more than 200 Sunday.
The Singapore dollar experienced some mild selling pressure as the yen weakened, but demand for the U.S. dollar was limited.
Near the end of Asian trading the U.S. dollar was quoted at S$1.8475, up from S$1.8390 late Thursday.
The U.S. dollar drifted higher in line with its gains against the yen, but interest in the U.S. currency thinned as market participants awaited clearer leads.
The Philippine peso languished with many banks reluctant to take fresh positions following a long holiday.
The dollar closed at 51.000 pesos on the Philippine Dealing System, almost unchanged from 51.005 pesos Wednesday, the last day of trading last week before the holiday.
Traders said demand for dollars was subdued and inflows of the U.S. currency were thin.
The rupiah ended slightly higher as market participants sold the U.S. dollar following its rebound late last week.
The dollar closed at Rp 9,766, down from its close Thursday at Rp 9,820. The dollar fell to an intraday low of Rp 9,675 before local companies snatched up the unit on dips.
The baht traded in a narrow range following comments from central bank officials that a competitive currency was key to export competitiveness.
The dollar finished Asian trading at 43.600 baht, up from 43.485 baht late Friday.