Asian currencies mostly up against dollar
Monday, 5 November 2007
HONG KONG, Nov 4 (AFP): Asian currencies ended the week mostly higher against the US dollar following a Federal Reserve interest rate cut, with the Australian unit backed to set fresh records, but the yen losing ground.
JAPANESE YEN: The yen lost ground slightly in the past week, failing to benefit from the Federal Reserve's rate cut amid expectations that Tokyo is likely to keep its super-low interest rates for now, dealers said. The yen was at 114.60 to the dollar late Friday against 114.27 a week earlier.
The dollar fell sharply against most currencies after the US central bank decided in a 9-1 vote to cut its base federal funds rate by a quarter of a percentage point to 4.50 percent.
AUSTRALIAN DOLLAR: The Australian dollar is expected to set fresh records next week as it heads towards parity with the greenback on expectations that the gap between US and Australian interest rates will widen, dealers said.
The Australian dollar ended the week at 91.63 US cents, up slightly on the previous week's 91.36 US cents but well down on the week's peak of 93.42 US cents Thursday after the US interest rate cut.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week on 76.25 US cents, from 76.38 US cents the previous week.
Traders said a recovery in the kiwi could depend on the strength of US employment figures.
CHINESE YUAN: The yuan closed at 7.4540 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.4530, and a closing price of 7.4900 to the dollar the week before.
On the over-the-counter market, it ended at 7.4558 to the dollar against 7.4543 the previous day.
The central bank set the yuan central parity rate at 7.4624 to the dollar Friday, compared with 7.4552 Thursday.
HONG KONG: The US-pegged Hong Kong dollar ended the week at 7.757 to the US unit.
INDONESIA RUPIAH: The rupiah ended the week trading at 9,130/9,135 to the dollar Friday compared with 9,120/9,125 to the dollar a week earlier.
PHILIPPINE PESO: The Philippine peso rose to 43.675 Friday afternoon from 44.06 to the dollar on October 26. This is the highest level attained by the peso in seven years.
SINGAPORE DOLLAR: The dollar was at 1.4525 Singapore dollars Friday from 1.4544 the week earlier.
SOUTH KOREAN WON: The won closed at 907.10 won per dollar Friday, compared with 909.9 won a week earlier.
Dealers said the government bought billions of dollars to stop a sharp appreciation.
Exporters took advantage of the government intervention, converting dollar holdings into won.
TAIWAN DOLLAR: The Taiwan dollar rose 0.23 percent in the week to close at 32.390 against the US dollar. The local currency closed at 32.465 a week earlier.
THAI BAHT: The Thai baht rose against the dollar over the past week as exporters sold the greenback, which was under pressure amid concern over the outlook for the US economy, dealers said.
The Thai unit closed Friday at 33.99-34.01 to the dollar, the highest level in nearly three months, against 34.11-12 a week earlier.
JAPANESE YEN: The yen lost ground slightly in the past week, failing to benefit from the Federal Reserve's rate cut amid expectations that Tokyo is likely to keep its super-low interest rates for now, dealers said. The yen was at 114.60 to the dollar late Friday against 114.27 a week earlier.
The dollar fell sharply against most currencies after the US central bank decided in a 9-1 vote to cut its base federal funds rate by a quarter of a percentage point to 4.50 percent.
AUSTRALIAN DOLLAR: The Australian dollar is expected to set fresh records next week as it heads towards parity with the greenback on expectations that the gap between US and Australian interest rates will widen, dealers said.
The Australian dollar ended the week at 91.63 US cents, up slightly on the previous week's 91.36 US cents but well down on the week's peak of 93.42 US cents Thursday after the US interest rate cut.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week on 76.25 US cents, from 76.38 US cents the previous week.
Traders said a recovery in the kiwi could depend on the strength of US employment figures.
CHINESE YUAN: The yuan closed at 7.4540 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.4530, and a closing price of 7.4900 to the dollar the week before.
On the over-the-counter market, it ended at 7.4558 to the dollar against 7.4543 the previous day.
The central bank set the yuan central parity rate at 7.4624 to the dollar Friday, compared with 7.4552 Thursday.
HONG KONG: The US-pegged Hong Kong dollar ended the week at 7.757 to the US unit.
INDONESIA RUPIAH: The rupiah ended the week trading at 9,130/9,135 to the dollar Friday compared with 9,120/9,125 to the dollar a week earlier.
PHILIPPINE PESO: The Philippine peso rose to 43.675 Friday afternoon from 44.06 to the dollar on October 26. This is the highest level attained by the peso in seven years.
SINGAPORE DOLLAR: The dollar was at 1.4525 Singapore dollars Friday from 1.4544 the week earlier.
SOUTH KOREAN WON: The won closed at 907.10 won per dollar Friday, compared with 909.9 won a week earlier.
Dealers said the government bought billions of dollars to stop a sharp appreciation.
Exporters took advantage of the government intervention, converting dollar holdings into won.
TAIWAN DOLLAR: The Taiwan dollar rose 0.23 percent in the week to close at 32.390 against the US dollar. The local currency closed at 32.465 a week earlier.
THAI BAHT: The Thai baht rose against the dollar over the past week as exporters sold the greenback, which was under pressure amid concern over the outlook for the US economy, dealers said.
The Thai unit closed Friday at 33.99-34.01 to the dollar, the highest level in nearly three months, against 34.11-12 a week earlier.