Asian monies extend rupiah-led rally
Asian monies extend rupiah-led rally
HONG KONG (Dow Jones): As in recent days, trading in Southeast Asia's other currencies followed the rupiah's lead, with the baht slipping from its intraday high to end Asian hours down on the day, while the Singapore dollar eased after the morning's run-up to close nearly flat.
Early trading saw a resumption of Thursday's frenzied rupiah buying as foreign exchange traders and fund managers reacted bullishly to Thursday's vice-presidential election result.
Dollar sales saw the U.S. currency pushed to a low of Rp 6,700, its lowest level since early August, before bids emerged to check the fall.
in Asian trading. Late Friday the dollar had been quoted at Rp 7,000.
The Thai baht and Singapore dollar also eased from their earlier highs.
"The baht and the Singapore dollar have been taking their cue from the rupiah for the last couple of days," explained one Singapore-based broker.
Late in Asian trading, the U.S. dollar was quoted against the baht at 39.1850 baht, up from 39.1350 baht near the end of Thursday trade.
With strong dollar bids emerging to support the dollar at Friday's low of 39.1000 baht, the U.S. currency is unlikely to fall below that level over coming sessions, traders said.
Against the Singapore dollar, the U.S. currency ended Asian interbank trading at S$1.6687, little different from S$1.6690 the day before.
Although intraday trading saw the U.S. currency sold down to a two-month low at S$1.6656, dealers said bids from local banks, assumed to be acting on behalf of the Monetary Authority of Singapore, should support the U.S. dollar above that level in the near term.
On the Philippine Dealing System, the peso closed a touch lower, after the U.S. dollar found support above the 40.000 pesos level. At the close, the dollar was trading at 40.220 pesos, up from 40.160 pesos the previous day.
In North Asia, the South Korean won ended down a fraction on continued dollar-buying by state-controlled banks.
At the close the U.S. currency was at 1,205.60 won, compared with 1,205.40 won the previous day.
In Taipei, the New Taiwan dollar edged higher despite a drop in the local stock market, which was rattled by an earthquake and fears of a downturn in electronics demand. At the close the U.S. dollar was at NT$31.761, down from NT$31.766 the day before.