Dollar falls against euro, up against Asian monies

Dollar falls against euro, up against Asian monies

SINGAPORE (AFP): The US dollar was lower against the euro and higher against the yen and Asian currencies here on Wednesday, soaring against the Indonesian rupiah in particular, dealers said.

Dollar-yen trade was rangebound, with the dollar closing at 114.80 yen, up a touch from 114.76 on opening, while the euro closed at 1.0700 dollars, up from the opening level of 1.0692 dollars, according to rates provided by Banque Nationale de Paris.

Weaker German industrial production figures saw the euro fall to 1.0685 dollars here but the unit later rebounded, a dealer with the French bank said.

The British pound was higher at US$1.6147 from $1.6130 on opening.

Against Asian currencies, the US dollar soared past Rp 8,000 to hit Rp 8,150 at one point. The Indonesian currency was pressured by suspected banking-sector corruption and domestic political uncertainty, dealers said.

The dollar ended trade here at 7,810 rupiah, up sharply from its finish the day before of 7,350 rupiah.

The Singapore dollar suffered on the rupiah's weakness, closing down against the greenback at 1.6707 from 1.6674 on Tuesday.

The dollar was also firmer against other Asian currencies compared with Tuesday's close, standing at 39.15 Philippine pesos from 38.89, 32.118 Taiwan dollars from 32.109, 37.955 Thai baht from 37.79, and 1,201.00 South Korean won from 1,199.45.

The dollar was down against the yen in Tokyo Wednesday with few investors taking part in trading due to summer holidays, dealers said.

At 5:00 p.m. (0800 GMT) the dollar was quoted at 114.68-71 yen, compared with 114.69-71 yen three hours earlier and 114.78- 80 yen in early trading.

"The trading was very thin with most investors absent in the market due to summer holidays," said Mitsuru Sahara, vice president of the foreign exchange division at Sanwa Bank Ltd.

Earlier the dollar climbed to a high of 114.93 yen, but soon slipped on yen-buying triggered by a rise in Japanese share prices, Sahara said.

The Nikkei 225 index rose 9.07 points to finish at 17,211.16. But the Topix of all issues in the first section on the Tokyo Stock Exchange fell 3.61 points to 1,420.64.

The euro traded at $1.0703-06 at 5:00 p.m. (0800 GMT) against $1.0718 three hours earlier and $1.0702 in early trading.