Asian monies mixed late, dollar pauses

Asian monies mixed late, dollar pauses

Alan Yonan Jr., Dow Jones, Singapore

Asian currencies were mixed Wednesday as the U.S. dollar paused after its steady rise over the past few weeks.

The U.S. dollar lost ground against the yen and euro, but investor sentiment remained generally in favor of the U.S. currency due to the uncertainty that has affected global markets since the Sept. 11 terrorist attacks, analysts said.

In Asia, the U.S. dollar gained on the Indonesian rupiah and Philippine peso. Stock market rallies in Korea and Taiwan boosted currencies there, while the Singapore dollar and Thai baht also strengthened slightly.

The U.S. dollar experienced some consolidation against the yen after the U.S. currency failed to break convincingly above the 123 yen level overnight. The euro remained above $0.8900 after dropping as low as $0.8871 a day earlier.

At 0940 GMT (4.40 p.m. Jakarta time) the euro was at $0.8920, up from $0.8884 late Tuesday. Against the yen, the U.S. dollar was quoted at 122.39 yen, down from 122.71 yen a day earlier.

Foreign purchases of Korean stocks lifted the won to its strongest finish in more than a month.

The U.S. dollar closed at 1,296.0 won, down from 1,304.5 won Tuesday.

The Taiwan dollar similarly benefited from foreign interest in local stocks, as well as local currency demand from exporters.

The U.S. dollar finished trading at NT$34.545, slightly down from NT$34.550 Tuesday.

The Indonesian rupiah weakened as local companies bought U.S. dollars to help fund their foreign debt repayments.

The U.S. dollar was quoted at Rp 10,230 compared with Rp 10,150 Tuesday.

The U.S. dollar was quoted at S$1.8262, down from S$1.8267 late Tuesday.

The Thai baht ended marginally stronger against the U.S. dollar, but remained trapped in a tight range by onshore supply and demand.

Near the end of Asian trading the U.S. dollar was quoted at 44.765 baht, down from 44.830 baht Tuesday. Tuesday's baht trading was limited to light, offshore activity because markets in Bangkok were closed for a holiday.