Asian currencies mostly fall, rupiah rises

Asian currencies mostly fall, rupiah rises

TOKYO (Dow Jones):Asian currencies were mostly weaker in Asia
Tuesday, led by a slide in the won due to fears of a major
corporate bankruptcy in South Korea and a plunge in the Thai baht
amid large-lot selling by overseas speculators.

The Indonesian currency regained ground late trade, after
failure to push it below the psychologically sensitive level of
Rp 9,500 against the dollar triggered profit-taking, dealers
said.

The rupiah also found support from a favorable report on
President Abdurrahman Wahid's health following a routine heart
checkup Tuesday and a decree by his deputy, Megawati
Sukarnoputri, ordering members of her party not to join mounting
efforts to oust the president, dealers said.

Fears of further intervention dragged the dollar below Rp
9,370 to 9,330 support in late trading, after Senior Economics
Minister Rizal Ramli said Bank Indonesia will likely spend this
week more than the estimated S$10 million it sold last week to
defend the flagging rupiah, dealers said.

Around 0920 GMT, the dollar was at Rp 9,330, down from around
Rp 9,400 late Monday and Tuesday's intraday high of around Rp
9,505.

Dealers said retail participants and exporters in Jakarta were
selling dollars, prompting offshore players to lock in profits in
their dollar positions.

In Seoul, the won fell against the dollar after news that one
of the nation's blue-chip companies, Hyundai Engineering &
Construction Co., had defaulted on 16.1 billion won in commercial
bills Monday. Some in the market cited concerns that Hyundai
Engineering's default could be the prelude to a bankruptcy of the
Hyundai group itself.

In late Tuesday trading in Asia, the U.S. dollar was last
quoted at 1139.70 won, up from 1,137.50 won on Monday.

In Bangkok, the baht weakened mostly due to heavy speculative
selling by overseas players in Asia amid thin markets, analysts
said. The dollar topped out at 44.10 baht before the baht
regained some ground late in the session on profit taking.

Late Tuesday in Asia, the U.S. dollar was quoted at 43.885
baht, up from 43.745 baht Monday.

In Taipei, the dollar ended slightly lower against its
Taiwanese counterpart after rising as high NT$32.420 early in the
session as the brewing political uncertainty continued to cast a
chill on local financial markets.

Late in Asia Tuesday, the dollar was quoted at NT$32.356, down
marginally from NT$32.358 Monday.

Meantime, the Singapore dollar drifted lower against the U.S.
dollar in line with most of the other Asian currencies as it was
pressured by the dollar's strength for most of the session.
Late Tuesday in Asia, the U.S. dollar was quoted at S$1.7563, up
from S$1.7547 Monday.

In Manila, the Philippine peso finished 2 percent higher
against the U.S. dollar ahead of a two-day holiday, boosted by
central bank intervention and dollar profit-taking, after falling
to a new all-time low early in the session. dealers said.

The Philippines' central bank reportedly sold around US$10
million worth of dollars for pesos before the closing of the
shortened session, to take advantage of the dollar's downward
trend that was sparked by profit-taking, dealers said.

Late in Asia Tuesday, the dollar closed at 51.000 peso on the
Philippine Dealing System, down from 51.480 peso at the previous
close.