Asian currencies lower against dollar
Monday, 24 December 2007
HONG KONG, Dec 23 (AFP): Asian currencies ended the week lower against the dollar as dealers said rising inflationary pressure in the United States may prevent further rate cuts in January.
JAPANESE YEN: The yen lost ground against the dollar over the past week after a spike in US inflation dampened expectations of further Federal Reserve interest rate cuts, dealers said.
The Japanese currency stood at 113.07 to the dollar in late Tokyo trade Friday, down from 112.46 a week earlier.
AUSTRALIAN DOLLAR: The Australian dollar is tipped to fall next week and will experience volatility early in the New Year due to the global credit crunch, dealers said.
The Australian dollar ended the week at 86.28 cents, down sharply from the previous week's 88.10 US cents.
NEW ZEALAND DOLLAR: The kiwi ended the week's local trading at 76.28 US cents, down sharply from 78.50 the previous Friday.
CHINESE YUAN: The yuan closed at 7.3671 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.3667, and a closing price of 7.3710 to the dollar the week before.
On the over-the-counter market, it ended at 7.3630 to the dollar against 7.3694 the previous day.
The central bank had set the yuan central parity rate at 7.3572 to the dollar Friday, compared with 7.3649 Thursday.
The People's Bank of China allows a trading band of 0.5 percent on either side of the midpoint.
HONG KONG: The US-linked Hong Kong dollar ended the week at 7.8019 to the dollar, compared to 7.7986 a week earlier.
INDONESIA RUPIAH: The rupiah ended the week trading at 9,430/9,440 to the dollar compared to 9,325/9,330 to the greenback a week earlier.
PHILIPPINE PESO: The Philippine peso fell to 41.52 to the dollar Friday afternoon from 41.21 the previous week.
SINGAPORE DOLLAR: The dollar was at 1.4590 Singapore dollars Friday from 1.4444 the week before.
SOUTH KOREAN WON: South Korea's won closed at 940.70 to the dollar Friday, down from 930.10 a week earlier.
The won fell to a four-month low of 947.50 to the dollar at one point Friday but bounced back soon as exporters began selling the greenback en masse at 945 won and domestic players at banks stopped buying the US currency.
TAIWAN DOLLAR: The Taiwan dollar slipped to 32.485 against the US dollar from 32.376 a week earlier.
THAI BAHT: The Thai baht fell slightly against the dollar over the past week as investors stayed on the sidelines ahead of Sunday's election, the first since last year's coup ousting premier Thaksin Shinawatra, dealers said.
The Thai unit closed Friday at 33.69-70, down from 33.60-61 a week earlier.
JAPANESE YEN: The yen lost ground against the dollar over the past week after a spike in US inflation dampened expectations of further Federal Reserve interest rate cuts, dealers said.
The Japanese currency stood at 113.07 to the dollar in late Tokyo trade Friday, down from 112.46 a week earlier.
AUSTRALIAN DOLLAR: The Australian dollar is tipped to fall next week and will experience volatility early in the New Year due to the global credit crunch, dealers said.
The Australian dollar ended the week at 86.28 cents, down sharply from the previous week's 88.10 US cents.
NEW ZEALAND DOLLAR: The kiwi ended the week's local trading at 76.28 US cents, down sharply from 78.50 the previous Friday.
CHINESE YUAN: The yuan closed at 7.3671 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.3667, and a closing price of 7.3710 to the dollar the week before.
On the over-the-counter market, it ended at 7.3630 to the dollar against 7.3694 the previous day.
The central bank had set the yuan central parity rate at 7.3572 to the dollar Friday, compared with 7.3649 Thursday.
The People's Bank of China allows a trading band of 0.5 percent on either side of the midpoint.
HONG KONG: The US-linked Hong Kong dollar ended the week at 7.8019 to the dollar, compared to 7.7986 a week earlier.
INDONESIA RUPIAH: The rupiah ended the week trading at 9,430/9,440 to the dollar compared to 9,325/9,330 to the greenback a week earlier.
PHILIPPINE PESO: The Philippine peso fell to 41.52 to the dollar Friday afternoon from 41.21 the previous week.
SINGAPORE DOLLAR: The dollar was at 1.4590 Singapore dollars Friday from 1.4444 the week before.
SOUTH KOREAN WON: South Korea's won closed at 940.70 to the dollar Friday, down from 930.10 a week earlier.
The won fell to a four-month low of 947.50 to the dollar at one point Friday but bounced back soon as exporters began selling the greenback en masse at 945 won and domestic players at banks stopped buying the US currency.
TAIWAN DOLLAR: The Taiwan dollar slipped to 32.485 against the US dollar from 32.376 a week earlier.
THAI BAHT: The Thai baht fell slightly against the dollar over the past week as investors stayed on the sidelines ahead of Sunday's election, the first since last year's coup ousting premier Thaksin Shinawatra, dealers said.
The Thai unit closed Friday at 33.69-70, down from 33.60-61 a week earlier.