Most Asian currencies mixed late

Most Asian currencies mixed late

SINGAPORE (Dow Jones): A slightly firmer yen lent support to
most Asian currencies Tuesday, but trading was subdued ahead of
the publication of key U.S. economic data and testimony by U.S.
Federal Reserve Chairman Alan Greenspan later in the week.

The South Korean won, New Taiwan dollar, Thai baht and
Singapore dollar scratched out modest gains against the U.S.
dollar, while the Indonesian rupiah and Philippine peso slipped.

Currency traders were cautious about taking large positions in
advance of the economic data, including a report due out later
Tuesday on U.S. consumer confidence. It's an indicator Greenspan
has said is a key determinant of whether the U.S. economy is
headed toward a recession.

The market also will be closely watching Tuesday's issue of
data on January durable goods, and the National Association of
Purchasing Management's monthly survey of business conditions to
be posted Thursday, dealers said.

The rupiah plunged to Rp 9,905 per dollar, its low since late
October 1998, shortly after trading started. It finally closed at
Rp 9,855 per dollar, only a touch higher from Rp 9,860 Monday.

State banks, which were believed to have acted on behalf of
Bank Indonesia actively sold the dollar to prevent rupiah's
further slide.

State banks were the only dollar sellers Tuesday as everyone
was betting on the rupiah weakening further amid healthy demand
for the U.S. unit from local corporations to pay offshore debts,
dealers said.

Dealers said state banks sold in excess of $30 million
Tuesday, much higher than the usual $10 million to $20 million,
to prevent the dollar from rising to Rp 10,000, a major
psychological resistance level.

The Thai baht remained well supported by the stable political
environment that emerged following Thaksin Shinawatra's election
as prime minister in a landslide victory Jan. 6.

The dollar was quoted at 42.830 baht in late Asian trading,
down from 42.920 baht late Monday

Among factors helping the baht was the weekend agreement
between government and commercial banks to set up a state asset
management corporation to handle nonperforming loans in the
financial system. More meetings are expected this week to discuss
purchase price standards for the country's non-performing loans.

The Singapore dollar edged higher as market players trimmed
their long U.S. dollar positions in the wake of the strengthening
yen and Thai baht, dealers said.

Late in Asian trading the U.S. dollar was quoted at S$1.7427,
down from S$1.7438 late Monday in Asia.

The Philippine peso was pressured by light month-end corporate
demand for U.S. currency, dealers said.

The dollar closed at 48.265 pesos on the Philippine Dealing
System, up from 48.230 pesos Monday.

The South Korean won was helped by month-end dollar selling by
exporters, dealers said.

The dollar finished at 1,246.5 won, lower than 1,248 won
Monday. There was little in the way of news or economic data to
influence trading.

The New Taiwan dollar finished marginally higher as early
strength from exporters selling U.S. dollars for month-end
requirements gave way to afternoon short covering following
losses in the local stock market.

The U.S. dollar closed at NT$32.343, compared with NT$32.345
Monday.