Asian monies down late as yen relapses, but off lows
Asian monies down late as yen relapses, but off lows
Dow Jones, Singapore
Asian currencies were weaker late Thursday, but off their intraday lows as the Japanese's yen's relapse past 132 yen to the U.S. dollar earlier in the day proved temporary, dealers said.
The Japanese yen's slide to an intraday low of around 132.30 yen against the U.S. dollar earlier unsettled the rest of the region's currencies.
But without any solid near-term direction from the yen, Asian currencies didn't stray very far from their recent ranges.
The repeated mutterings of discomfort by some of Japan's neighbors over a wobbly yen has led Japanese monetary officials to tone down their recent comments signaling their preference for a weaker currency. This has sapped the U.S. dollar's recent vigor against the Japanese currency, keeping the pair's movements rangebound for now, dealers said.
South Korea's Minister of Finance and Economy Jin Nyum Thursday reiterated that a further weakening of the yen would hurt the global economy.
At 0900 GMT (4 p.m. Jakarta time), the U.S. dollar was quoted at 131.86 yen, only marginally higher than 131.80 yen late Wednesday in New York. The U.S. dollar was at 131.54 yen late Wednesday in Tokyo.
The South Korean won was the biggest mover in Asia, as it suffered a double whammy from the falls in the yen and the Seoul stock market, dealers said.
The won slumped to as low as 1,323 won to the U.S. dollar earlier in the day, compared with Wednesday's close of 1,315.8 won.
But the won recouped a bulk of its earlier losses as the yen and South Korean shares regained their footing later in the day. The U.S. dollar ended at 1,317.3 won.
Like the won, a slight rebound in the local stock market and in the yen late in the trading session helped the New Taiwan dollar reclaim some lost ground, dealers said.
Taiwan's central bank had also intervened to smooth any excessive weakness early in the day, when the yen and Taipei's stock market were much weaker, dealers said.
The U.S. dollar ended at NT$35.006, slightly higher than NT$35 Wednesday, but off its high of NT$35.072.
The Indonesian currency slipped to Rp 10,400 to the U.S. dollar, compared with Rp 10,375 late Wednesday.
Against its Singapore counterpart, the U.S. currency was at S$1.8356, higher than S$1.8303 late Wednesday.
Persistent offers around the S$1.8350 level had capped the U.S. currency's ascent in recent sessions, dealers said.
Security concerns dealt a further blow to the Philippine peso, which was already under pressure from the drooping currencies in the region, dealers said.
The U.S. dollar closed at 51.375 pesos, up from 51.280 pesos Wednesday.
The Thai currency was slightly weaker at 43.910 baht to the U.S. dollar, compared with 43.865 baht late Wednesday.