Most Asian monies close stronger
Most Asian monies close stronger
HONG KONG (Dow Jones): The majority of Asian currencies ended local trading hours stronger against the U.S. dollar Tuesday, supported by the resilience of the yen.
The Thai currency, however, lost ground, as interbank dealers attempted to take advantage of a clutch of banking-sector scares to push the baht down through the floor of its recent trading range.
In the Philippines, the peso strengthened after central bank Governor Rafael Buenaventura publicly drew a line in the sand, saying the U.S. dollar should not advance beyond 39.90 pesos between now and the end of the year.
The dollar fell lower to end the session at 39.670 pesos, down from 39.740 pesos at Monday's close.
The Thai baht weakened Tuesday, as interbank dealers seized on two fresh banking-sector tangles as an excuse to sell the currency down.
Toward the end of Asian interbank trading, the U.S. dollar was quoted at 38.3800 baht, up from 38.3100 baht the day before.
The Singapore dollar rose, lifted by the strength of the yen and held up by moderate corporate buying interest, according to dealers in the island state.
Late in Asian hours, the U.S. currency was quoted at S$1.6840 against the Singapore currency, down from S$1.6871 late the previous day.
Interest in the Indonesian rupiah was limited, as most market players remained on the sidelines, awaiting any fallout from Monday's plebiscite in East Timor.
Late in Asian trading the U.S. dollar was quoted at Rp 7,660, down marginally from Rp 7,677 toward the end of Monday's session. Subsequently, following the closure of the Singapore interbank market, the dollar was bid higher to reach Rp 7,710.
In North Asia, the collapse of talks between HSBC and the South Korean government over HSBC's proposed purchase of a stake in Seoulbank had little impact on the won's exchange rate.
At the end of domestic trading the South Korean currency closed slightly lower as U.S. dollar-buying by state-run banks offset end of the month sales by local exporters.
At the finish, the dollar was quoted at 1,184.60 won, up from 1,184.50 won the previous day.
The New Taiwan dollar continued to edge upward, supported by the yen and continued capital inflows, as the local stock market defied the regional trend to close higher on the day.
At the Taipei close, the U.S. currency was at NT$31.843, down from Monday's NT$31.850.