Asian monies mostly up against dollar

Asian monies mostly up against dollar

SINGAPORE (Dow Jones): Asian currencies were mostly higher
against the U.S. dollar late Tuesday as a stable yen and a
stronger rupiah provided support to some Asian currencies,
analysts said.

Foreign exchange markets were reasonably calm despite the
havoc on the regional stock markets following the sharp declines
posted by U.S. equities overnight.

Stock markets across Asia were generally weaker with
Singapore's Straits Times index shedding 2.8 percent and the
Korea Composite Stock Price Index down 3.1 percent.

The South Korean won, Singapore dollar, Indonesian rupiah, and
Thai baht gained Tuesday, while the New Taiwan dollar and
Philippine peso were slightly weaker.

The rupiah Tuesday rebounded sharply a day after it plunged
below Rp 11,000 to the dollar on political and economic concerns.

Bank Indonesia intervened in the foreign exchange markets for
the third straight trading day and the dollar closed at Rp 10,200
rupiah, down from Rp 10,500 at Monday's finish.

Dealers in Singapore and Jakarta said the Indonesian central
bank entered a thin market and sold as much as US$70 million to
defend the rupiah.

However, the overall market sentiment remains bearish. Some
players continue to bet that President Abdurrahman Wahid will
have to consider some form of capital controls to shore up the
rupiah.

The yen was quoted at Y120.17 against the dollar in late Asian
trading, up from Y120.60 late Monday in Asia.

"The yen strengthened, influencing sentiment," said Rebecca
Patterson, global foreign exchange strategist at JP Morgan in
Singapore.

The yen was spared a selloff in reaction to plummeting
Japanese share prices Tuesday, as losses in the benchmark Nikkei
225 were within market expectations, players said.

Just how much the foreign exchange market expected the Nikkei
to drop wasn't clear, but the benchmark did shed 2.9 percent to
close at 11,819.70, the lowest finish since January 1985.

The South Korean won was one of the beneficiaries of the yen's
stability. After opening weaker at 1,284.0 won to the dollar, the
won strengthened throughout the day closing at 1,275.3 won, up
from Monday's close of 1278.40 won.

However, the New Taiwan dollar ended at a six-week closing low
on concerns about foreign outflows from the equities market.
Foreign investors Tuesday sold a net NT$2.57 billion in main
board shares.

The Singapore dollar fell in early trading in a knee-jerk
reaction to the declines in the equities markets but recovered in
later trading, tracking the yen and rupiah.

Fears of intervention by the Monetary Authority of Singapore
also capped the U.S. dollar's rise against the Singapore dollar,
dealers said.

The Singapore dollar was quoted at S$1.7594 to the U.S. unit
in late trading, from S$1.7617 late Monday.

The Philippine peso closed lower in reaction to the slump in
equities. The U.S. dollar closed at 48.160 pesos on the
Philippine Dealing System, up from 48.145 pesos Monday.

The Thai baht ended stronger against the U.S. dollar in Asia
as investors unwound long-dollar positions following the retreat
of the U.S. unit against other regional currencies, dealers said.

The dollar finished at 43.55 baht, down from 43.72 pesos at
the Asian close Monday.