20000107

Indian rupee

BOMBAY: The Indian rupee ended steady on Thursday after trading in a range but forward premium rates were volatile, dealers said.

"There were some dollar supplies towards close but state-run banks were there to receive," a dealer at a private bank said.

The rupee ended at 43.505/51 per dollar after it opened at 43.51/52.

It had closed at 43.515/52 per dollar on Wednesday.-Reuters

Chinese yuan

SHANGHAI: China's yuan closed slightly higher against the dollar on Thursday as dollar demand eased after the start of the new year, dealers said.

The yuan finished at 8.2795 to one U.S. dollar against 8.2797 on Wednesday after moving in a narrow range of 8.2790 to 8.2799.

The yuan was on a downward trend in December as domestic banks needed dollars for year-end settlements and demand for dollars rose from foreign companies repatriating 1999 profits.

The yuan was likely to move in a narrow range of 8.2790 to 8.2800 in the short term, they said.

The yuan closed higher against the Japanese yen at 7.9196 to 100 yen against 8.0332 on Wednesday.

It ended slightly lower against the Hong Kong dollar at 1.0644 to HK$1.0 against 1.0640.-Reuters

S Korean won

SEOUL: The South Korean won ended weaker against the dollar on Thursday in volatile trade as a second consecutive day of wilting stock prices dampened sentiment for the local currency, dealers said.

The won ended the day at 1,146.6 compared with Wednesday's close of 1,135.0.

It opened at 1,135.5 and ranged between 1,132.8 and 1,148.0. Dealers pointed out that monetary authorities, who have traditionally bought dollars to restrain the bullish won, may have to intervene to sell the greenback if it climbs over 1,150 level to the won.

The government absorbed a trickle of dollar offers in early morning and stayed out of the market for the most part, dealers said.

Many say the U.S. currency will meet strong resistance at the 1,150 level on Friday and that the market will be following the performance of local stocks in the short term.

In the non-deliverable forward market, the six-month won stood at 1,145/47 versus 1,129/31 late Wednesday.

The one-year won was quoted at 1,152/54 versus 1,137/39.-Reuters

Philippine peso

MANILA: The Philippine peso ended at the day-low of 40.55 to the dollar on Thursday due to perceived political risks in the country and fears over a hike in U.S. interest rates.

Offshore players, who had earlier in the year bet the peso would appreciate, led the sell-off in the local unit, dealers said.

The peso had lost almost one percent from its previous close of 40.165. Trades were heavy at $397 million from $289.7 million.

Traders said the peso's slide may be capped at 40.55 in the meantime as talk swirled in the market the central bank sold dollars at the 40.55 level in late trade.

Central Bank Governor Rafael Buenaventura was not immediately available for comment but he earlier told reporters in the morning the bank had not intervened in the market.

The peso had breached the immediate support level of 40.35 in early trade in reaction to the sudden resignation of Finance Secretary Edgardo Espiritu ahead of an impending cabinet revamp.

"The resignation was considered negative. They're offshore funds cutting their losses," a trader with a foreign bank said.

Analysts had said Espiritu's resignation indicated infighting in the administration of President Joseph Estrada.

A second trader with a local bank said: "A lot of banks tried to cut and reverse their positions" even as corporate dollar demand remained moderate.-Reuters

Taiwanese dollar

TAIPEI: The Taiwan dollar edged lower on Thursday as persistent central bank intervention to curb the local unit's recent sharp rise ignited U.S. dollar shortcovering, dealers said.

CLOSE: T$30.854 to the U.S. dollar against Wednesday's close at T$30.8, extending the Taiwan unit's slide for a second day. The Taiwan unit had spiked T$0.793 on Tuesday, capping an eight-day, T$1.061 rise.

TURNOVER THROUGH DEALERS: Active at US$481 million, but much lower than Wednesday's hectic US$870 million.

"After the Taiwan dollar opened lower at T$30.85, it gained in early trade as exporters sold U.S. dollars," said one dealer at a foreign bank.

Dealers said the Taiwan dollar was expected to stabilise at T$30.9 in the coming sessions, as exporters continued to sell U.S. dollars to build up cash for Chinese lunar new year, a time of brisk annual demand.

Chinese communities will usher in the Year of the Dragon on February 5.

Dealers said support from foreign equity funds had eased, however. Foreign funds were net sellers of T$1.674 billion on Thursday after Wednesday's net selling of T$1.472 billion.

On the smaller Cosmos exchange, the Taiwan dollar ended at T$30.835, down from Wednesday's T$30.75 close. Cosmos turnover was US$117.5 million, easing from US$139 million on Wednesday. -Reuters