Asian monies mixed, stress on yen limited

Asian monies mixed, stress on yen limited

Netty Ismail, Dow Jones, Singapore

Asian currencies were mixed late Wednesday as long liquidation of the U.S. currency tempered the downward pressure on the Singapore dollar, Thai baht and South Korean won.

The New Taiwan dollar, Philippine peso and Indonesian rupiah were relatively steady.

The yen's fall to as low as 121.90 yen to the dollar in New York Tuesday cast a shadow on the Singapore dollar, baht and won in early trade, dealers said.

But the unwinding of long-U.S. dollar positions against these currencies helped lift them off their intraday lows later in the day.

The dollar's failure to break above the 122 yen level also limited the blow on the region's currencies, dealers said. At 0930 GMT (4:30 p.m. Jakarta time), the dollar was quoted at 121.65 yen, up from 121.22 yen late Tuesday in New York. The dollar was at 120.68 yen in Tokyo late Tuesday.

Dealers noted persistent interest to buy dollars on dips against the region's currencies, with the U.S. unit still supported against the yen and the region's economic malaise a concern.

The Singapore dollar slumped to as low as S$1.8250 against the U.S. currency as it tracked the yen's fall, dealers said.

Late Wednesday in Asia, the U.S. dollar was around S$1.8166, lower than S$1.8179 late Tuesday.

The Thai baht mimicked the movements of the yen and Singapore dollar. The dollar was at 44.725 baht, higher than 44.585 baht late Tuesday.

In Seoul, the dollar ended at 1,301.8 won, marginally higher than Tuesday's close of 1,300.9 won.

The U.S. currency peaked at 1,304.7 won as foreign fund purchases of Korea shares and a lack of upward momentum kept a rein on the dollar's gains, dealers said.

The Indonesian currency was unchanged around Rp 10,010 per dollar.