Asian currencies mostly down against dollar
Monday, 30 July 2007
HONG KONG, July 29 (AFP): Asian currencies ended the week mostly down against the dollar although the yen rose on concerns about the prospects for the US economy.
JAPANESE YEN: The Japanese currency strengthened in the past week over concerns the weak US housing market could slow that country's economy, dealers said.
The outcome of upper house elections today would have a bearing on the currency in the days ahead, they added.
The yen advanced to 118.64 to the dollar in the week to Friday, compared with 122.23 yen a week ago.
AUSTRALIAN DOLLAR: The Australian dollar is expected to consolidate next week after plummeting from 18-year highs following volatility in the US stock market, dealers said.
The Aussie was trading at 85.86 US cents at 5:00 pm Friday (0600 GMT), down more than two cents on the previous week's 88.08 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 78.33 US cents, down from 79.57 the previous Friday.
CHINESE YUAN: The yuan closed at 7.5601 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.5643, and a closing price of 7.5745 to the dollar the week before.
On the over-the-counter market, it ended at 7.5623 to the dollar against 7.5655 the previous day.
The central bank had set the yuan central parity rate at 7.5697 to the dollar Friday, compared with 7.5789 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 7.8235, from 7.8205 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,185/9,195 to the dollar, compared to 9,060/9,065 a week earlier.
PHILIPPINE PESO: The Philippine peso traded lower at 45.720 to the dollar Friday afternoon from 44.80 on July 20.
SINGAPORE DOLLAR: The dollar was at 1.5162 Singapore dollars Friday from 1.5112 the previous week.
SOUTH KOREAN WON: The won weakened against the US dollar, closing at 921.70 won per dollar Friday, compared with 914.90 won a week earlier.
The won's weakness came as foreign investors dumped shares in the local stock market and as overseas dealers became net buyers of the greenback.
But the won found support from businesses, which seized the opportunity to dispose of their dollar holdings, selling some two billion dollars Friday alone.
Dealers said the greenback was expected to remain strong against the won until jitters over the US sub-prime mortgage crisis subside.
TAIWAN DOLLAR: The Taiwan dollar fell 0.22 per cent in the week to July 27 to close at 32.861 against the US dollar. The local currency closed at 32.790 a week earlier.
THAI BAHT: The Thai baht slightly fell against the dollar over the past week after the country's army-backed government approved a package of measures aimed at curbing the local unit's rise, dealers said.
But the Thai baht remained near a 10-year high against the dollar, closing at 33.72-74 to the greenback Friday, down from 33.65-67 a week earlier.
JAPANESE YEN: The Japanese currency strengthened in the past week over concerns the weak US housing market could slow that country's economy, dealers said.
The outcome of upper house elections today would have a bearing on the currency in the days ahead, they added.
The yen advanced to 118.64 to the dollar in the week to Friday, compared with 122.23 yen a week ago.
AUSTRALIAN DOLLAR: The Australian dollar is expected to consolidate next week after plummeting from 18-year highs following volatility in the US stock market, dealers said.
The Aussie was trading at 85.86 US cents at 5:00 pm Friday (0600 GMT), down more than two cents on the previous week's 88.08 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 78.33 US cents, down from 79.57 the previous Friday.
CHINESE YUAN: The yuan closed at 7.5601 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.5643, and a closing price of 7.5745 to the dollar the week before.
On the over-the-counter market, it ended at 7.5623 to the dollar against 7.5655 the previous day.
The central bank had set the yuan central parity rate at 7.5697 to the dollar Friday, compared with 7.5789 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 7.8235, from 7.8205 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,185/9,195 to the dollar, compared to 9,060/9,065 a week earlier.
PHILIPPINE PESO: The Philippine peso traded lower at 45.720 to the dollar Friday afternoon from 44.80 on July 20.
SINGAPORE DOLLAR: The dollar was at 1.5162 Singapore dollars Friday from 1.5112 the previous week.
SOUTH KOREAN WON: The won weakened against the US dollar, closing at 921.70 won per dollar Friday, compared with 914.90 won a week earlier.
The won's weakness came as foreign investors dumped shares in the local stock market and as overseas dealers became net buyers of the greenback.
But the won found support from businesses, which seized the opportunity to dispose of their dollar holdings, selling some two billion dollars Friday alone.
Dealers said the greenback was expected to remain strong against the won until jitters over the US sub-prime mortgage crisis subside.
TAIWAN DOLLAR: The Taiwan dollar fell 0.22 per cent in the week to July 27 to close at 32.861 against the US dollar. The local currency closed at 32.790 a week earlier.
THAI BAHT: The Thai baht slightly fell against the dollar over the past week after the country's army-backed government approved a package of measures aimed at curbing the local unit's rise, dealers said.
But the Thai baht remained near a 10-year high against the dollar, closing at 33.72-74 to the greenback Friday, down from 33.65-67 a week earlier.