S'pore dollar tops SE Asian currencies' rise
S'pore dollar tops SE Asian currencies' rise
SINGAPORE (AFP): The Singapore dollar soared to another
record-high close yesterday against the U.S. dollar, which also
fell against most currencies of Southeast Asia's booming
economies in trading here, dealers said.
Analysts said the regional currencies could chalk up further
gains on the greenback, whose plunge against the yen, they
warned, could steepen through the second quarter unless Japan
deregulates its market to absorb more U.S. imports.
The U.S. dollar was quoted at another record closing low of
S$1.3940. On Monday, the dollar changed hands for S$1.3965.
Dealers attributed current Singapore dollar strength to
suggestions by Finance Minister Richard Hu that there was more
upside potential for the local currency, and that the city-state
was attracting a share of safe-haven money.
The local dollar has appreciated against the greenback by 13
percent over the last 16 months.
The U.S. dollar was also quoted lower against the Indonesian
rupiah, whose long-term foreign currency rating was raised by the
international financial rating agency Standard & Poor's
yesterday.
The dollar was traded at Rp 2,225 from Rp 2,229 a day earlier,
dealers said, basing the Indonesian currency's strength also on
Jakarta's higher overnight interest rates.
The greenback ended lower at 24.47 Thai baht from the 24.57
level on Monday but was higher to 2.4685 Malaysian ringgit from
2.4650 a day earlier.
Dealers said the foreign exchange market was disappointed with
the absence of a "concrete" initiative by the United States at
the APEC finance ministers' meeting in Indonesia over the weekend
to prop up the ailing greenback.
"It looks like the U.S. dollar will lose ground against the
yen. It is still bearish," said Robert Audat, a foreign exchange
dealer with Credit Lyonnais in Singapore.
The U.S. dollar ended at 1.3650 marks, down from 1.3705 marks
when the Singapore market opened yesterday. It also closed lower
at 81.25 yen from the opening level of 81.85 yen.
The greenback fell to 4.7850 French franc from 4.7880 while
the British pound was lower to US$1.6170 from $1.6190.
In Tokyo, the dollar closed at 81.12 Japanese yen, down from
the previous close of 82.17.
In London, the U.S. currency was quoted at 1.3645 German
marks, down on the previous finish of 1.3720 marks. The dollar
traded at 81.22 Japanese yen, down from the previous finish of
82.11 yen.
In Frankfurt, the dollar opened at 1.3698 German marks, down
from the previous close of 1.3898.
In Zurich, the dollar opened at 1.1245 Swiss francs, down from
the previous close of 1.1500.
In Paris, the dollar opened at 4.7945 French francs, down from
the previous close of 4.8550.
In Brussels, the dollar opened at 28.06 Belgian francs, down
from the previous close of 28.65.