Asian currencies up late, S'pore leads rebound
Asian currencies up late, S'pore leads rebound
Netty Ismail, Dow Jones, Singapore
Asian currencies were higher late Monday, as the dollar underwent a downward correction after failing to sustain its recent ascent, dealers said.
The Singapore dollar led the rebound, as participants, already long of the U.S. currency, trimmed their positions, dealers said.
As an anthrax crisis in the U.S. sparked fears of bio- terrorism, the U.S. currency "is most at risk against the Singapore dollar," with the market holding long positions, BNP Paribas said in a research note.
The U.S. dollar was quoted at S$1.8113 0935 GMT (4:35 p.m. Jakarta time), lower than S$1.8172 late Friday.
The Bank of America said key data this week are expected to underscore the weakness in the Singapore economy. Singapore's August retail sales Tuesday are expected to slide by 2 percent from the previous year, while September non-oil domestic exports Wednesday are projected to plunge by 35 percent year-on-year, it added.
The Thai currency strengthened as the dollar's repeated failure to break above 44.800 baht in recent sessions prompted some profit-taking in the U.S. currency, dealers said.
Dealers, however, noted some buying interest around 44.600 baht, where the dollar was trading late Monday compared with 44.690 baht late Friday.
The South Korean won ended stronger for the seventh consecutive session as foreign investors sold dollars to settle their purchases of a net 339.6 billion won in Korean shares made Thursday and Friday, dealers said.
The dollar ended at 1,296.9 won, down from Friday's close of 1,299.3 won.
The New Taiwan dollar ended marginally firmer at NT$34.549 to the U.S. dollar compared with NT$34.550 Friday.
Against the yen, the dollar was at 120.88 yen, down from 121.27 yen late Friday in New York.
On the Philippine Dealing System, participants remained wary of provoking the central bank, and refrained from pushing the dollar through 51.800 pesos, the level dealers believe the authority aggressively defended last week.
The dollar closed at 51.770 pesos, down slightly from 51.800 pesos Friday. The dollar hit an intraday high of 51.800 pesos.
Indonesian financial markets were closed Monday for a Muslim holiday and will reopen Tuesday. The dollar was last quoted at Rp 10,000.