Yen sharply up against dollar in volatile trade
Tuesday, 21 August 2007
HONG KONG, Aug 20 (AFP): Fears over the scale of the reverberating US sub-prime mortgage market left Asian currencies vulnerable to sharp swings, with the Japanese yen closing the week much firmer against the dollar but most other currencies down.
JAPANESE YEN: The yen soared to a 14-month high against the dollar in the past week as players scrambled to exit risky bets in the middle of global stockmarket plunges due to a US credit crunch.
The Japanese currency peaked at 111.60 to the dollar before ending Friday's daytime trading at 112.70-73 to the dollar, far higher than 118.07-09 to the dollar a week earlier.
AUSTRALIAN DOLLAR: Over the week the Aussie lost around 10 per cent of its value against the US unit, falling three cents Friday to trade at 77.41 US cents in late local trade, down from 84.25 cents the previous Friday.
It fell further after the close of local trade and is now down more than 11 US cents from its peak of 88.74 US cents, hit on July 25.
NEW ZEALAND DOLLAR: The New Zealand dollar ended a dramatic week amid global market turmoil at its lowest closing level since November last year of 67.15 US cents, down from 74.50 the previous Friday.
On Thursday, the kiwi plunged three US cents in its biggest one-day fall for 21 years and there was further weakness Friday due to a sharp fall on the Japanese sharemarket.
CHINESE YUAN: The yuan closed at 7.5975 to the dollar Friday on the exchange- traded market, compared with Thursday's close of 7.5983, and a closing price of 7.5763 to the dollar the week before.
HONG KONG DOLLAR: The US-pegged Hong Kong Dollar ended the week at 7.822, from 7.82935 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,460/9,470 to the dollar, compared to 9,335/9,345 to the dollar a week earlier.
PHILIPPINE PESO: The Philippine peso traded lower at 46.85 to the dollar Friday afternoon from 45.74 on August 10.
SINGAPORE DOLLAR: The US dollar was at 1.5361 Singapore dollars Friday from 1.5207 the previous week.
SOUTH KOREAN WON: The won's value fell sharply against the dollar and the yen as the unwinding of the yen carry trade was accelerating and foreign investors sold South Korean shares for fear of fallouts from the US subprime mortgage turmoil.
The dollar-won exchange rate rose to a five-month high of 950.40 won per dollar Friday, compared with 931.90 won a week earlier.
TAIWAN DOLLAR: The Taiwan dollar rose 0.10 per cent in the week to Aug 17 to close at 32.931 against the US dollar. The local currency closed at 32.965 a week earlier.
THAI BAHT: The Thai baht fell against the dollar over the past week as fleeing foreign investors dumped the local unit in line with heavy stock losses triggered by the US housing loan crisis, dealers said.
The Thai currency closed Friday at 34.50-55 to the dollar, down from 34.07-09 a week earlier.
JAPANESE YEN: The yen soared to a 14-month high against the dollar in the past week as players scrambled to exit risky bets in the middle of global stockmarket plunges due to a US credit crunch.
The Japanese currency peaked at 111.60 to the dollar before ending Friday's daytime trading at 112.70-73 to the dollar, far higher than 118.07-09 to the dollar a week earlier.
AUSTRALIAN DOLLAR: Over the week the Aussie lost around 10 per cent of its value against the US unit, falling three cents Friday to trade at 77.41 US cents in late local trade, down from 84.25 cents the previous Friday.
It fell further after the close of local trade and is now down more than 11 US cents from its peak of 88.74 US cents, hit on July 25.
NEW ZEALAND DOLLAR: The New Zealand dollar ended a dramatic week amid global market turmoil at its lowest closing level since November last year of 67.15 US cents, down from 74.50 the previous Friday.
On Thursday, the kiwi plunged three US cents in its biggest one-day fall for 21 years and there was further weakness Friday due to a sharp fall on the Japanese sharemarket.
CHINESE YUAN: The yuan closed at 7.5975 to the dollar Friday on the exchange- traded market, compared with Thursday's close of 7.5983, and a closing price of 7.5763 to the dollar the week before.
HONG KONG DOLLAR: The US-pegged Hong Kong Dollar ended the week at 7.822, from 7.82935 a week earlier.
INDONESIAN RUPIAH: The rupiah ended the week trading at 9,460/9,470 to the dollar, compared to 9,335/9,345 to the dollar a week earlier.
PHILIPPINE PESO: The Philippine peso traded lower at 46.85 to the dollar Friday afternoon from 45.74 on August 10.
SINGAPORE DOLLAR: The US dollar was at 1.5361 Singapore dollars Friday from 1.5207 the previous week.
SOUTH KOREAN WON: The won's value fell sharply against the dollar and the yen as the unwinding of the yen carry trade was accelerating and foreign investors sold South Korean shares for fear of fallouts from the US subprime mortgage turmoil.
The dollar-won exchange rate rose to a five-month high of 950.40 won per dollar Friday, compared with 931.90 won a week earlier.
TAIWAN DOLLAR: The Taiwan dollar rose 0.10 per cent in the week to Aug 17 to close at 32.931 against the US dollar. The local currency closed at 32.965 a week earlier.
THAI BAHT: The Thai baht fell against the dollar over the past week as fleeing foreign investors dumped the local unit in line with heavy stock losses triggered by the US housing loan crisis, dealers said.
The Thai currency closed Friday at 34.50-55 to the dollar, down from 34.07-09 a week earlier.