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Asian currencies mixed against dollar
12/5/2005
HONG KONG, Dec 4 (AFP): Asian currencies had a mixed week against the dollar on expectations of a US Federal interest rate hike and rising commodity prices.
JAPANESE YEN: The Japanese yen plunged in the past week against major currencies as the dollar advanced on prospects of further US rate hikes.
The yen stood at 120.48 to the dollar in Friday afternoon, down from 119.15 to the dollar seen a week ago.
AUSTRALIAN DOLLAR: Analysts expect the Australian dollar to rise against the greenback next week as markets await crucial US economic data.
The Australian dollar was trading at 74.26 US cents Friday, up on the previous week's 73.60 US cents.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 70.66 US cents, rising sharply from 69.42 the previous Friday.
BNZ currency strategist Sue Trinh said the strength of the New Zealand dollar continued to be affected by "an insatiable appetite for yield" at a time when global interest rates were relatively low.
CHINESE YUAN: The Chinese yuan closed at 8.0806 to the US dollar, the central bank said in a statement on its website Friday.
That compared with a closing price of 8.0798 on the previous trading day.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar closed Friday at 7.7555 from 7.7553 the previous week.
INDONESIAN RUPIAH: The rupiah closed Friday slightly stronger at 10,000/10,010 to the dollar compared to last week's close 10,050-10,055.
PHILIPPINE PESO: The Philippine peso traded slightly lower Friday at 54.15 to the dollar Friday from 54.15 to the dollar on November 25.
SINGAPORE DOLLAR: The dollar was at 1.6921 Singapore dollars Friday from 1.6964 the previous week.
SOUTH KOREAN WON: The won closed at 1,038.40 won per dollar Friday, compared with 1,041.20 won a week earlier.
Dealers said the won was expected to move within a limited range of between 1,035 won and 1,041 won, largely depending on the movement by the US currency in global markets.
TAIWAN DOLLAR: The Taiwan dollar rose 0.06 per cent in the week to close at 33.530 against the US dollar. The local currency closed at 33.550 a week earlier.
THAI BAHT: The Thai baht fell sharply against the dollar over the past week in line with the Japanese yen and strong buying of the dollar after the European Central Bank hinted it will not hike rates again in the near future, dealers said.
The Thai unit closed Friday at 41.43-45 baht to one dollar compared to last week's close of 41.20-22.
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