Dollar down in Asian trade
Tuesday, 14 October 2008
SINGAPORE, Oct 13 (AFP): The dollar was lower in Asian trading today with investor confidence still muted despite a pledge by Group of Seven (G7) finance chiefs to support major banks amid the financial crisis, dealers said.
In afternoon trading, the dollar was at 100.28 yen, down from 100.51 yen in late Friday trading in New York. Financial markets in Japan are closed for a public holiday and will reopen Tuesday.
At one point during Monday trading, the dollar dipped briefly below the 100-yen level to 99.77.
The euro was changing hands at 1.3551 dollars, up from 1.3394 in New York late Friday.
"Market participants welcomed efforts by G7 governments to address the global credit crunch, but stopped short of calling for a recovery in global equities from here," analysts from Singapore's DBS Bank said.
G7 finance chiefs said Friday in a joint statement they would use "all available tools" to support major banks and prevent their failure as part of efforts to shore up the ailing global financial system.
"The G7 agrees today that the current situation calls for urgent and exceptional action," a statement released by the US Treasury said.
Against other Asian units, the dollar rose to 9,875 Indonesian rupiah from Friday's close at 9,758 but fell against the rest of the currencies.
It fell on Monday to 47.43 Philippine pesos from 47.79 Friday, to 32.41 Taiwan dollars from 32.46, to 34.28 Thai baht from 34.43, to 1.4733 Singapore dollars from 1.4835 and to 1,235.775 South Korean won from 1,338.65.
In afternoon trading, the dollar was at 100.28 yen, down from 100.51 yen in late Friday trading in New York. Financial markets in Japan are closed for a public holiday and will reopen Tuesday.
At one point during Monday trading, the dollar dipped briefly below the 100-yen level to 99.77.
The euro was changing hands at 1.3551 dollars, up from 1.3394 in New York late Friday.
"Market participants welcomed efforts by G7 governments to address the global credit crunch, but stopped short of calling for a recovery in global equities from here," analysts from Singapore's DBS Bank said.
G7 finance chiefs said Friday in a joint statement they would use "all available tools" to support major banks and prevent their failure as part of efforts to shore up the ailing global financial system.
"The G7 agrees today that the current situation calls for urgent and exceptional action," a statement released by the US Treasury said.
Against other Asian units, the dollar rose to 9,875 Indonesian rupiah from Friday's close at 9,758 but fell against the rest of the currencies.
It fell on Monday to 47.43 Philippine pesos from 47.79 Friday, to 32.41 Taiwan dollars from 32.46, to 34.28 Thai baht from 34.43, to 1.4733 Singapore dollars from 1.4835 and to 1,235.775 South Korean won from 1,338.65.