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Asian units down amid faltering bourses

HONG KONG: Most Asian currencies ended the week down, subdued by faltering bourses, lack of positive news and expectations of impending US interest rate hikes.

However, the yen rebounded after being slapped down a week earlier by a G7 meeting.

JAPANESE YEN: The yen bounced back against the dollar in Tokyo after easing on a statement by finance ministers and central bank chiefs from the Group-of-Seven (G7) nations that they shared Japan's concern about a stronger yen.

The Japanese unit stood at 104.85-88 to the dollar on Friday, slightly off from 104.77-80 to the dollar a week earlier.

The G7 statement at the previous weekend pushed down the yen until it touched 106.04-07 to the dollar on Wednesday.

But the euro's downslide below one-to-one parity against the dollar helped the yen hover against the US unit toward the weekend. "The euro was being sold for any other major currencies," said Bank of Tokyo-Mitsubishi dealer Kiyoshi Kuzuhara adding that euro selling "helped the yen stand firm against the dollar."

Dealers said, however, the yen's rebound was capped by fears of intervention by the Bank of Japan to soften its renewed strength.

AUSTRALIAN DOLLAR: The Australian dollar was tipped by analysts to rise against on resumption of currency trading after it suffered its biggest slump in three years in US markets on Friday.

The "Ausie," which closed on Friday at 65.05 US cents, plunged three cents to 62.35 US cents on Wall St as investors switched to the US dollar following the release of lower than expected inflation data here Friday.

Following rumoured intervention by the central Reserve Bank of Australia (RBA), the unit rose slightly to settle around 63.50 US cents, but still below analysts' assessments of a realistic valuation.

The inflation data had reduced expectations the RBA would hike interest rates by half a percentage point, with most analysts now predicting a quarter percentage point rise as the urgency to stem the economy recedes.

NEW ZEALAND DOLLAR: The New Zealand dollar slumped more than half a US cent on grim December merchandise trade figures out on Friday and a softer Australian dollar.

The kiwi was worth 50.07 US cents, against the 51.56 close of a week earlier.

HONG KONG DOLLAR: The Hong Kong dollar stood at 7.7797-7.7807 on Friday from 7.7785-7.779 the previous week.

TAIWANESE DOLLAR: The Taiwan dollar rose 0.3 percent against the greenback over the week to close at 30.724 on Saturday due to foreign funds inflows for equity investment, dealers said.

It stood at 30.812 on Monday and was almost unchanged on Tuesday at 30.813. The currency was firmer to end at 30.794 on Wednesday and moved up further to 30.780 on Thursday. The unit gained ground to close at 30.709 on Friday.

SINGAPORE DOLLAR: The Singapore dollar depreciated to 1.7024 against the US dollar on Friday form 1.6747 the week before.

PHILIPPINE PESO: The peso fell sharply week-on-week to 40.450 pesos to the dollar o Friday from 40.645 pesos to the dollar on January 21.

SOUTH KOREAN WON: The won strengthened from 1,127.90 won per dollar a week before to close at 1,120.00 on Friday, despite South Korea's government drive to stop the currency's rapid appreciation through intervention in the foreign exchange market.

INDONESIAN RUPIAH: The rupiah ended the week weaker on Friday at 7,363 to the dollar, compared to 7,270 to the greenback the previous week.

THAI BAHT: The baht strengthened against the dollar early in the week as local exporters sold off the greenback. The unit weakened later in the week in line with regional currencies, especially the Singapore dollar, dealers said.

The baht closed on Friday at 37.49-53 to the dollar, compared to the previous week's close of 37.23.27.ÑAFP