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.