Asian monies mixed late, rupiah ends lower

Dow Jones, Singapore

Asian currencies were mixed against the dollar Wednesday, with the U.S. currency holding up fairly well despite expectations for more economic data showing weakness in the U.S. economy.

The Singapore dollar and Korean won gained against the U.S. currency, while local factors pushed the Indonesian rupiah, Thai baht and Philippine peso lower during Asian trading hours. The New Taiwan dollar was virtually unchanged.

The outlook for the U.S. economy grew even dimmer after the Conference Board reported Tuesday that consumer confidence tumbled to its lowest level in seven years.

The Singapore dollar benefited from the unwinding of long U.S. dollar positions ahead of the expected weak U.S. data.

Late in Asia the U.S. dollar was quoted at S$1.8184, down from $1.8234 late Tuesday.

The won got a boost from dollar sales by domestic exporters and a slight gain in the local stock market, traders said.

The dollar finished at 1,296.10 won, down from Tuesday's close of 1,298.30 won.

The rupiah slumped to its lowest level since July 23 as corporate demand for dollars swamped the local currency.

The rupiah also suffered from fears that a default by Argentina would cast a cloud over other emerging markets.

The dollar strengthened throughout the day and finished Asian trading hours at Rp 10,485, up from Rp 10,380 late Tuesday.

The baht was slightly weaker following the release of data showing declines in Thailand's production and exports.

Toward the end of Asian trading the dollar was quoted at 44.685 bath, up from 44.665 bath late Tuesday.

The Philippine peso was pressured by light month-end corporate demand for the U.S. currency, traders said.

The dollar closed at 51.955 pesos on the Philippine Dealing System, up from 51.940 pesos at the previous close.

Manila's financial markets will be closed Thursday and Friday for a religious holiday.