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HONG KONG, Oct 23 (AFP): Asian currencies ended the week mixed against the US dollar, with the yen at two-year lows on expectations the Federal Reserve would further raise interest rates.
JAPANESE YEN: The yen lurked at 25-month lows against the dollar during the past week on continued expectations of further rises in US interest rates.
The Japanese unit regained some strength to fetch 115.13-15 to the dollar late Friday, as dealers squared their long-dollar positions, still down from 114.50-52 to the dollar a week earlier.
The yen plunged to 115.98 to the dollar at one point Wednesday, its lowest level since September 2003, amid prospects that the US Federal Reserve would further raise interest rates at its next policy meeting on November 1.
"The market has already taken into consideration that the Fed will raise interest rates up to around 4.5 per cent," JP Morgan Chase Bank forex strategist Toru Sasaki said. "The market needs further US factors for the dollar to have pushed up further."
AUSTRALIAN DOLLAR: The Australian dollar is expected to remain steady against the greenback even though it was underperforming on cross currencies, dealers said.
At 5:00 pm Friday (0700 GMT) the Australian dollar was trading at 75.19 US cents, just up on the previous week's 75.10.
Westpac currency strategist Robert Rennie said the Australian currency was not performing strongly against units such as the New Zealand dollar but the international market's reluctance to buy the US dollar was propping it up.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 70.33 US cents in local trading, up from 69.35 the previous week.
The dollar was boosted by expectations the central bank will
raise interest rates next Thursday.
CHINESE YUAN: The yuan closed at 8.0885 to the dollar Friday, the central bank said in a statement on its website. That compared with a closing rate of 8.0896 the previous Friday.
In accordance with its new policy, the State Administration of Foreign Exchange will take the closing price as the mid-point for the next trading day. The central bank allows a trading band of 0.3 per cent either side of the mid-rate.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar closed Friday at 7.759 compared with 7.758 the previous week.
INDONESIAN RUPIAH: The rupiah closed slightly stronger Friday at 10,060/10,070 to the dollar compared with the previous week's close of 10,100- 10,110.
PHILIPPINE PESO: The Philippine peso strengthened to 55.581 to the dollar Friday afternoon from 55.830 a week earlier.
SINGAPORE DOLLAR: The dollar was at 1.6925 Singapore dollars from 1.6896 the week before.
SOUTH KOREAN WON: The won closed at 1,057.90 won per dollar, compared with 1,044.90 won a week earlier, reflecting the global strength of the US currency.
Dealers said the dollar was expected to move between 1,054 won and 1,060 won in the coming week.
TAIWAN DOLLAR: The Taiwan dollar fell 0.55 per cent over the week to close Friday at 33.633 against the US dollar compared with 33.450 a week earlier.
THAI BAHT: The baht was stable against the US dollar in the past week as the Bank of Thailand's sixth rate hike this year had little impact on the currency market, dealers said.
The Thai currency closed Friday at 40.86-90 baht to one dollar, compared last week's close of 40.86-88.
Against the euro, the Thai unit stood at 49.23-38 Friday, against 49.02-06 a week earlier.
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