Asian currencies end week higher against dollar
Monday, 24 September 2007
HONG KONG, Sept 23 (AFP): Asian currencies ended the week mostly higher against the dollar after the US Federal Reserve cut interest rates to try to limit the fallout from credit market distress and a severe housing downturn.
JAPANESE YEN: The yen went through volatile trading in the past week, as investors chased the dollar after the US central bank cut its key interest rate, amid lingering concerns for the deepening US subprime mortgage woes.
The yen firmed to 114.83 to the dollar in Tokyo Friday afternoon trade, compared with 115.00 a week ago.
The yen dropped after the US Federal Reserve slashed its benchmark interest rate on Tuesday for the first time since June 2003, lopping off 50 basis points to 4.75 per cent to ease distress in credit markets and cushion the economy from the housing slump.
AUSTRALIAN DOLLAR: The Australian dollar is likely to gain against the greenback in the coming week as fallout from the US interest rate cut continues, dealers said.
The "Aussie" ended the week at 86.83 US cents, up more than two cents from the previous week's 84.22 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 74.42 US cents, sharply up from 71.19 the previous Friday.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.786 to the US unit, from 7.79 a week earlier.
CHINESE YUAN: The yuan closed at 7.5020 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.5120, and a closing price of 7.5150 to the dollar the week before.
INDONESIA RUPIAH: The rupiah ended the week at 9,165/9,170 to the dollar, up from 9,380/9,384 a week earlier.
PHILIPPINE PESO: The Philippine peso traded higher at 45.310 to the dollar on Friday afternoon from 46.30 a week earlier.
SINGAPORE DOLLAR: The US dollar was at 1.5033 Singapore dollars Friday from 1.5126 the previous week.
SOUTH KOREAN WON: The won continued gaining strength to close at 921.10 to the dollar Friday, up from 928.30 a week earlier, reflecting a global weakness of the greenback following US rate cuts.
The dollar-won rate was likely to move around 920 won to the dollar in the coming week, dealers said.
TAIWAN DOLLAR: The Taiwan dollar closed at 32.953 against the US dollar, up from 33.071 a week earlier.
THAI BAHT: The Thai baht moved little against the dollar over the past week as investors traded with caution amid speculation over a rate cut at the central bank's policy meeting next month, dealers said.
The Thai currency closed at 34.22-24 to the dollar Friday, against 34.24-25 a week earlier.
JAPANESE YEN: The yen went through volatile trading in the past week, as investors chased the dollar after the US central bank cut its key interest rate, amid lingering concerns for the deepening US subprime mortgage woes.
The yen firmed to 114.83 to the dollar in Tokyo Friday afternoon trade, compared with 115.00 a week ago.
The yen dropped after the US Federal Reserve slashed its benchmark interest rate on Tuesday for the first time since June 2003, lopping off 50 basis points to 4.75 per cent to ease distress in credit markets and cushion the economy from the housing slump.
AUSTRALIAN DOLLAR: The Australian dollar is likely to gain against the greenback in the coming week as fallout from the US interest rate cut continues, dealers said.
The "Aussie" ended the week at 86.83 US cents, up more than two cents from the previous week's 84.22 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 74.42 US cents, sharply up from 71.19 the previous Friday.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.786 to the US unit, from 7.79 a week earlier.
CHINESE YUAN: The yuan closed at 7.5020 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.5120, and a closing price of 7.5150 to the dollar the week before.
INDONESIA RUPIAH: The rupiah ended the week at 9,165/9,170 to the dollar, up from 9,380/9,384 a week earlier.
PHILIPPINE PESO: The Philippine peso traded higher at 45.310 to the dollar on Friday afternoon from 46.30 a week earlier.
SINGAPORE DOLLAR: The US dollar was at 1.5033 Singapore dollars Friday from 1.5126 the previous week.
SOUTH KOREAN WON: The won continued gaining strength to close at 921.10 to the dollar Friday, up from 928.30 a week earlier, reflecting a global weakness of the greenback following US rate cuts.
The dollar-won rate was likely to move around 920 won to the dollar in the coming week, dealers said.
TAIWAN DOLLAR: The Taiwan dollar closed at 32.953 against the US dollar, up from 33.071 a week earlier.
THAI BAHT: The Thai baht moved little against the dollar over the past week as investors traded with caution amid speculation over a rate cut at the central bank's policy meeting next month, dealers said.
The Thai currency closed at 34.22-24 to the dollar Friday, against 34.24-25 a week earlier.