Asian currencies higher against dollar
Monday, 16 July 2007
HONG KONG, July 15 (AFP): Asian currencies ended the week sharply higher against the US dollar as offshore capital continued to flow into the region supporting currencies and stock markets.
JAPANESE YEN: The Japanese yen was expected to stay range- bound in the coming week while the euro was likely to stay strong against the Asian currency on expectations that Japanese interest rates will remain low for some time, dealers said.
The Japanese unit stood at 122.46 yen to the dollar late Friday, up from 123.15 a week earlier.
The euro hit a record high of 168.93 against the yen in Tokyo morning trade Friday before retreating to 168.74 yen by the afternoon, up from 167.38 a week ago.
The single European currency was quoted at 1.3778 dollars, up from 1.3592 dollars a week earlier.
Analysts said the yen would stay range-bound in the coming week.
AUSTRALIAN DOLLAR: The Australian dollar is expected to continue its rise to fresh 18-year highs against the greenback in the coming week, dealers said.
The Aussie was trading at 86.74 US cents at 5:00 pm Friday (0600 GMT), up more than a cent on the previous week's 85.68 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 78.21 US cents unchanged from the previous Friday.
But early Friday it spiked to 78.70 US cents on a surprisingly strong 1.2 per cent rise in May retail sales.
CHINESE YUAN: The yuan closed at 7.5695 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.5661, and a closing price of 7.6007 to the dollar the week before.
On the over-the-counter market, it ended at 7.5695 to the dollar against 7.5673 the previous day.
The central bank had set the yuan central parity rate at 7.5731 to the dollar Friday, compared with 7.5762 Thursday. The People's Bank of China allows a trading band of 0.5 per cent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.817, from 7.81755 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week at 9,025/9,030 to the dollar, compared to 9,030/9,035 a week earlier.
PHILIPPINE PESO: The Philippine peso traded at 45.750 to the dollar Friday, up from 46.080 a week earlier.
SINGAPORE DOLLAR: The dollar was at 1.51456 Singapore dollars Friday from 1.5202 the previous week.
SOUTH KOREAN WON: The won closed at 916.80 to the dollar, compared with 919.7 a week earlier.
Dealers said the dollar-won may test 910 won if the Korean stock market continues its upward swing and government authorities fail to intervene to curb the won's appreciation.
TAIWAN DOLLAR: The Taiwan dollar closed at 32.762 against the US dollar, up from 32.809 a week earlier.
THAI BAHT: The Thai baht hit a fresh 10-year high against the dollar over the past week, driven by massive capital inflows as investors shrugged off official warnings against the soaring local unit, dealers said.
The Thai unit closed Friday at 33.31- 34 to the dollar, up from 34.01-02 a week earlier.
JAPANESE YEN: The Japanese yen was expected to stay range- bound in the coming week while the euro was likely to stay strong against the Asian currency on expectations that Japanese interest rates will remain low for some time, dealers said.
The Japanese unit stood at 122.46 yen to the dollar late Friday, up from 123.15 a week earlier.
The euro hit a record high of 168.93 against the yen in Tokyo morning trade Friday before retreating to 168.74 yen by the afternoon, up from 167.38 a week ago.
The single European currency was quoted at 1.3778 dollars, up from 1.3592 dollars a week earlier.
Analysts said the yen would stay range-bound in the coming week.
AUSTRALIAN DOLLAR: The Australian dollar is expected to continue its rise to fresh 18-year highs against the greenback in the coming week, dealers said.
The Aussie was trading at 86.74 US cents at 5:00 pm Friday (0600 GMT), up more than a cent on the previous week's 85.68 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 78.21 US cents unchanged from the previous Friday.
But early Friday it spiked to 78.70 US cents on a surprisingly strong 1.2 per cent rise in May retail sales.
CHINESE YUAN: The yuan closed at 7.5695 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.5661, and a closing price of 7.6007 to the dollar the week before.
On the over-the-counter market, it ended at 7.5695 to the dollar against 7.5673 the previous day.
The central bank had set the yuan central parity rate at 7.5731 to the dollar Friday, compared with 7.5762 Thursday. The People's Bank of China allows a trading band of 0.5 per cent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.817, from 7.81755 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week at 9,025/9,030 to the dollar, compared to 9,030/9,035 a week earlier.
PHILIPPINE PESO: The Philippine peso traded at 45.750 to the dollar Friday, up from 46.080 a week earlier.
SINGAPORE DOLLAR: The dollar was at 1.51456 Singapore dollars Friday from 1.5202 the previous week.
SOUTH KOREAN WON: The won closed at 916.80 to the dollar, compared with 919.7 a week earlier.
Dealers said the dollar-won may test 910 won if the Korean stock market continues its upward swing and government authorities fail to intervene to curb the won's appreciation.
TAIWAN DOLLAR: The Taiwan dollar closed at 32.762 against the US dollar, up from 32.809 a week earlier.
THAI BAHT: The Thai baht hit a fresh 10-year high against the dollar over the past week, driven by massive capital inflows as investors shrugged off official warnings against the soaring local unit, dealers said.
The Thai unit closed Friday at 33.31- 34 to the dollar, up from 34.01-02 a week earlier.