Most Asian currencies end higher

Most Asian currencies end higher

SINGAPORE (Dow Jones): Most Asian currencies were higher late
Friday, with the Southeast Asian units gaining on the rupiah's
resilience in the face of outrage following the dismissal of the
corruption case against ex-President Soeharto, dealers said.

In northeast Asia, the South Korean won was stronger, while
the New Taiwan dollar was steady.

Market participants had initially expected the rupiah to
weaken further on Friday as they braced for more street mayhem in
Jakarta, dealers said. Hundreds of protesters, outraged by the
dismissal of the graft case against Soeharto on grounds that he
was too sick to stand trial, clashed with police late Thursday.

But as the situation appeared to have improved slightly on
Friday, market participants unwound their long-dollar positions,
pushing the U.S. currency back below the Rp 8,800 level, dealers
said. They added, however, that violence could easily erupt once
more.

The dollar closed at Rp 8,775 in Asia, down from Rp 8,840 late
Thursday.

"We don't know why our individual customers sold their dollars
today," said a dealer with a foreign bank in Jakarta. "This was
very surprising regarding the market's concern about possible
violence after the court dropped the corruption charges."

Besides dollar selling by individual customers, an American
investment house was also seen selling the dollar to buy shares
of Telkom and Indofood in the Jakarta Stock Exchange.

The U.S. unit is expected to continue sliding Monday if
Jakarta stays calm over the weekend. The dollar is expected to
trade between Rp 8,720 and Rp 8,850 Monday.

In the Thai currency market, the dollar slipped to 42.220 baht
from 42.470 baht late Thursday.

Many analysts expect the baht to extend its recent rally next
week, as dollar demand recedes with the Thai financial year
drawing to a close this week.

After failing to convincingly break below 42 baht support
earlier this week, the dollar is likely to be pressured below
this psychologically important level again next week, analysts
said.

Against the Singapore dollar, the U.S. currency fell to
S$1.7417 from S$1.7450 late Thursday.

On the Philippine Dealing System, the dollar closed at 46.150
pesos, down from Thursday's close of 46.270 pesos.

Elsewhere, month-end dollar-selling by Korean exporters and
the potential for an upgrade in South Korea's credit ratings
lifted the won, dealers said.

The dollar finished at 1,115 won, down from Thursday's close
of 1,115.80 won.

Standard & Poor's Corp. said that it could upgrade South
Korea's current triple-B credit rating with a positive outlook,
given the country's impressive economic recovery from its
financial crisis.

Against the New Taiwan dollar, the U.S. currency was unchanged
at NT$31.318 from Thursday's close, after intervention by the
central bank countered the downward pressure from a slump in the
local bourse, dealers said.