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Indian rupee

BOMBAY: The Indian rupee was steady at the close on Friday and dealers said two-way dollar kept trading in a tight range of 1-2 paise (0.01-0.02 rupees).

"Though NRI (non-resident Indians) dollar inflows from the Gulf countries have been petering out because of the Ramadan period, there were enough supplies from exporters and banks selling their foreign currency deposit dollars," a dealer at a state-run bank said.

The rupee ended at 43.515/52 per dollar after it opened at 43.505/51, unchanged from its close on Thursday.-Reuters

Indonesian rupiah

JAKARTA: The rupiah rebounded slightly in late trade on Friday after falling below 7,200 earlier in the session, with trading very thin as most local players were on holiday ahead of the two-day Eid-ul-Fitr Muslim celebration.

The celebration marks the end of the fasting month of Ramadan in the world's largest Muslim nation.

The rupiah was quoted at 7,150/7,200 against the dollar compared with 7,140/7,160 in late trade on Thursday.

Dealers said speculation about a reshuffle of President Abdurrahman Wahid's two-month-old cabinet, concerns over violence in the spice islands and the state of the central bank's financial position also sidelined players.

"Most of the local dealers have already gone home for the Eid-ul-Fitr celebration," one European bank dealer said.

Dealers said the market was closely following talk that President Abdurrahman Wahid, elected on October 20, would reshuffle his cabinet soon after the weekend, possibly dumping former military chief General Wiranto, now coordinating minister for political and security affairs.

Wahid also wants to replace Bank Indonesia governor Syahril Sabirin after an official audit criticised the bank's management. The government and the International Monetary Fund are working on a bail-out for the central bank, including a capital injection.-Reuters

Chinese yuan

SHANGHAI: China's yuan closed up slightly against the dollar on Friday as demand for the dollar fell in the new year, but trade was thin, dealers said.

The yuan finished at 8.2793 to one US dollar against 8.2795 on Thursday after moving in a narrow range of 8.2791 to 8.2797.

"There was a reduced dollar demand after the new year started, allowing the yuan to regain some lost ground," a local bank dealer said. "But banks were also reluctant to build large positions on a lack of fresh factors."

The yuan trended down in December as domestic banks bought dollars for year-end settlement and foreign companies repatriated 1999 profits.

Dealers said the yuan was likely to move in a narrow range of 8.2790 to 8.2800 next week.

The yuan closed higher against the Japanese yen at 7.8610 to 100 yen against 7.9196 on Thursday.

It ended slightly higher against the Hong Kong dollar at 1.0641 to HK$1.0 against 1.0644. -Reuters

S Korean won

SEOUL: The South Korean won ended stronger against the dollar on Friday in choppy trade as players with a near-term view of the stronger dollar liquidated long-dollar positions, dealers said.

Players ignored growing net foreign sales in the local equity market as the sales were not being immediately settled in the local foreign exchange market, they said.

The won closed the day at 1,138.0 compared with Thursday's close of 1,146.6.

It opened at 1,148.0 and ranged between 1,136.6 and 1,156.0.

"Speculative offshore players led the market with local players closely tracking their movements," said a dealer at a domestic bank.

Earlier gains in the greenback, sparked by persistent losses in local stocks, were pared as both onshore and offshore players turned to dollar selling, dealers said.

"Today's rebound in the won reflected views by a majority of players who believe the Korean won will ultimately advance versus the dollar," said another dealer at a foreign bank.

The local forex market spotted few settlements of foreign sales of local stocks despite three straight losing sessions, dealers said.

The benchmark Korea Composite Stock Price Index (KOSPI) closed down 1.26 percent at 948.65.

Foreign investors sold a net 192 billion won worth of shares compared with a net 47.3 billion won on Thursday.

But they are not exiting the local equity market and analysts said they are holding onto funds for portfolio reshuffling.-Reuters

Philippine peso

MANILA: The Philippine peso touched its immediate support of 40.75 per dollar at the open on Friday, moving in tandem with regional currencies softened by US rate hike concerns, dealers said.

The peso opened at 40.75, or 20 centavos weaker than Thursday's close of 40.55.

But lack of local dollar demand pulled down peso/dollar rate quotes to 40.63/40.68. Volume was $15 million after 30 minutes of trade.

"It's a regional thing. The rupiah and the Thai baht are also depreciating. I think it's still because of the US rates," a dealer with a foreign bank said. "Offshore demand has dried up," a dealer with a local bank said.

Firms also surfaced to sell their dollars when the peso tumbled to 40.75, a second dealer said.

The peso could however trade in a wide range next week after President Joseph Estrada announces changes in his cabinet on Saturday.

"The sentiment would still be mixed," the second trader added.

Even if there would be a cabinet revamp, the market would be looking for more action from government so economic growth could be sustained, traders said.

"It (the market) is looking for more fundamental changes," another trader said.

He added the market wanted to know if incoming Finance Secretary Jose Pardo would advocate the same policies as Espiritu's low-interest rate approach.

One trader said the peso could range from 40.10 to 40.60 next week, while another said the range could be at 40.20 to 40.50.-Reuters