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