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.