Asian monies mixed late, S'pore dollar uninspired
Asian monies mixed late, S'pore dollar uninspired
Netty Ismail, Dow Jones, Singapore
Asian currencies were mixed in range-bound trading late Friday, with the Singapore dollar uninspired by the government's stimulus package, dealers said.
The South Korean won and the Thai baht were slightly higher, while the New Taiwan dollar was steady. The Philippine peso and Indonesian rupiah were marginally weaker.
The Singapore dollar, which had recovered earlier in the day from Thursday's 11-week lows, lost its footing again late Friday, soon after the government unveiled a S$11.3 billion off-budget fiscal stimulus package.
The steps were largely within expectations, although the size of the package, which was equivalent to 7 percent of Singapore's gross domestic product, was bigger than what many observers had anticipated.
Late Friday, the U.S. dollar was quoted at S$1.8172, lower than S$1.8251 in Asia late Thursday.
The Thai currency rode on the coattails of the Singapore dollar, strengthening to 44.690 baht per dollar, compared with 44.785 baht late Thursday.
Foreign equity fund inflows and stop-loss dollar sales, which emerged when the U.S. currency broke below 1,300 won, boosted the South Korean currency, the dollar ended at 1,299.3 won, down from Thursday's close of 1,302.0 won.
The New Taiwan dollar ended little changed, after the central bank bought nearly US$100 million in the last 15 minutes of trade to counter the appreciation of the local currency, said a Taipei- based dealer.
The U.S. dollar ended at NT$34.550, compared with NT$34.553 Thursday.
Dealings were valued at US$305.5 million, up from US$178 million Thursday.
The Philippine currency weakened, but remained supported around 51.800 pesos to the dollar, the level which the central bank has reportedly been guarding. The dollar ended at 51.750 pesos Thursday.
The Indonesian currency was slightly weaker at Rp 9,965 against the dollar, compared with Rp 9,955 late Thursday.