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Indian rupee

BOMBAY: The Indian rupee ended Wednesday slightly firmer compared to its previous close while premiums ended lower following the central bank's move to ease money market tightness by offering to purchase treasury bills, dealers said.

The rupee ended at 43.5975/6025 per dollar against the previous close of 43.6125/6175 after mostly trading a firm range on dollar sales triggered by the tightness in the money market.-Reuters

Chinese yuan

SHANGHAI: China's yuan closed little changed in thin trade on Wednesday as bank traders kept to the sidelines, waiting for the official announcement of January trade data, dealers said.

The yuan ended at 8.2776 to one U.S. dollar against 8.2775 on Tuesday after moving in a narrow range between 8.2775 and 8.2779.

The government is expected to announce January's trade data this week.

A strong trade surplus would ensure a steady inflow of foreign exchange onto the market as China's yuan is not convertible on the current account.

The January trade figures would be the key factor in the yuan's movement in the near term, but generally speaking, the currency was likely to move narrowly in a range between 8.2780 and 8.2800, they said.

The yuan closed higher against the Japanese yen at 7.5708 to 100 yen compared with 7.7225 on Tuesday.

It ended almost unchanged against the Hong Kong dollar at 1.0633 to HK$1.0 from 1.0632.-Reuters

S Korean won

SEOUL: The South Korean won closed firmer against the dollar on Wednesday as market players unwound long dollar positions, sensing intervention by monetary authorities was weakening, dealers said.

"The government looks to be happy with the current trading range," said a local bank dealer. "Perhaps, that's why intervention today was not strong."

The won closed at 1,125.7 per dollar against Tuesday's close of 1,127.0.

It opened at 1,130.3 and moved between 1,123.5 and 1,130.3. Dealers said the market appeared to be still long on dollars due to last week's heavy foreign buying of local stocks.

"Dollar holders could not properly unload their dollar positions because of the chance of intervention," said a foreign bank dealer.

The government has said it was prepared to intervene whenever necessary to stabilise the currency market. It said the won's steep appreciation would hurt local exporters' price competitiveness in overseas markets.

The government's intervention came from time to time at around 1,124, but was not strong enough to kill temptation to sell dollars for profits.-Reuters

Philippine peso

MANILA: The Philippine peso closed weaker on Wednesday in line with other currencies in the region and in reaction to the prevailing negative sentiment in the stock market.

The unit settled at 40.50 to the dollar from the close of 40.43 on Tuesday. It ranged from 40.425 to 40.51. Volume rose to $181.1 million from the previous $167.1 million.

"The peso followed the region, first the Indonesian rupiah and later the Thai baht," a dealer with a foreign bank said.

Dealers said banks also bought dollars on concerns that investor sentiment on the Philippines would deteriorate due to findings of price manipulation in the stock market."People are getting a little more uncomfortable with the domestic news coming out. There are more negatives than positives," a dealer with a local bank said.

A Philippine Stock Exchange report said there was sufficient evidence of insider trading and price manipulation in shares of gaming firm BW Resource Corp.

BW shares skyrocketed from two pesos at the start of 1999 to 107 pesos in October.

The benchmark stock index fell 43.11 points or 2.22 percent to 1,894.95 points.

Another local dealer said banks also opted to take long dollar positions because the central bank reported a decline in its gross international reserves.

"Their GIR target this year is higher. If they can't borrow, they'll have to buy dollars from the market," the dealer said.

The central bank said on Tuesday gross international reserves at end-January slid to $14.78 billion from $15.1 billion at year-end 1999. It attributed the decline to debt servicing of maturing obligations.

The central bank expects to build up its reserves to $17.41 billion at end-2000.

"I guess until banks see some dollar inflows from offshore and direct investments, they might want to be long on dollars," the foreign bank trader said.

Dealers said the peso could range from 40.40 to 40.60 on Thursday.-Reuters

Taiwanese dollar

TAIPEI: The Taiwan dollar ended firmer against its US counterpart on Wednesday, and dealers said central bank moves to keep the local unit weaker than T$30.7 eroded gains fueled by foreign equity funds inflows.

Dealers said the central bank actively intervened to keep the Taiwan currency from appreciating beyond T$30.7 in a move to discourage a speculative rise, and the local unit was expected to remain rangebound in the next few sessions.

CLOSE: T$30.702 to the US dollar, firming from on Tuesday's T$30.712 finish.

TURNOVER THROUGH DEALERS: Moderate at US$340.5 million compared to US$574 million on Tuesday.

The Taiwan dollar opened slightly lower at T$30.716 to the US dollar, but quickly reversed course and remained above T$30.7 throughout the session before the central bank stepped in near the close the close of trade. Dealers said the central bank apparently did not want to see the Taiwan dollar rise above the T$30.7 level in the near term.

"The central bank moves are mainly to calm down exporters," said one dealer at a domestic bank. Dealers said a persistent influx of foreign equity funds and US dollar sales by exporters were the driving force behind the Taiwan dollar's uptrend.

On the smaller Cosmos market, the Taiwan dollar ended at T$30.696 against its close of T$30.7 on Tuesday, with turnover sliding to US$114 million from US$176 million on Tuesday.

Dealers said the market would watch foreign fund flows closely, and they some expected profit-taking amid political uncertainty as the March presidential election drew near.

Foreign funds again were net buyers on Wednesday, buying T$2.257 billion of local equities following net buying of T$2.299 billion on Tuesday.

For on Thursday, dealers expected a trading range of T$30.65-T$30.75 for the Taiwan currency.-Reuters