Asian currencies mostly down late on yen
Asian currencies mostly down late on yen
Most Asian currencies floundered late Thursday as the yen
slumped past 123 yen to the dollar, and concerns over the
region's deteriorating fundamentals continued to loom in the
background, dealers said in Singapoer.
The South Korean won and the New Taiwan dollar largely held
their own, as persistent foreign equity fund inflows into their
respective stock markets negated the pressure from the yen,
dealers said.
At 0853 GMT (2.53 p.m. Jakarta Time), the dollar was quoted at
123.26 yen, above 122.90 yen late Wednesday in New York. The
dollar was at 122.60 yen late Wednesday in Tokyo.
The Singapore dollar was the hardest hit in Asia, temporarily
sinking past S$1.8300 against its U.S. counterpart to hit an
intraday low of S$1.8325 in earlier trading - its weakest level
since July 19.
The weaker yen, euro and rupiah led participants to again
probe the boundaries of the Monetary Authority of Singapore's
widened policy band, pushing the local currency lower, dealers
said.
Late Thursday, the U.S. dollar was at S$1.8277, still higher
than S$1.8262 late Wednesday, as the market's voracious appetite
for the U.S. currency continued to keep it afloat.
Intermittent light dollar sales by state banks, believed to be
acting on behalf of the Indonesian central bank, mitigated the
pressure on the rupiah, which has been bruised by corporate
demand for dollars, dealers said.
The dollar was at Rp 10,250, higher than Rp 10,230 late
Wednesday.
The peso closed at 52.010 pesos, its weakest level since Aug.
9, compared with 51.945 pesos Wednesday. Volume rose to $100
million from $85.3 million Wednesday.
The dollar was at 44.880 baht, higher than 44.765 baht late
Wednesday.
Taiwan's central bank bought U.S. dollars to curb the local
currency's strength, dealers said.
Against the New Taiwan dollar, the U.S. currency closed at
NT$34.545, unchanged from Wednesday. Dealings were valued at
US$273 million.
In Seoul, the dollar finished at 1,297.0 won, after trading in
a tight 2 won-range, marginally higher than 1,296.0 won
Wednesday.--Dow Jones