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Indian rupee

BOMBAY: The Indian rupee ended slightly weak on Tuesday amid confusion over spot settlement dates, dealers said.

"The market is confused whether Thursday is holiday or Friday. If Thursday is working banks which sold dollars earlier to take advantage of weekend swap differentials will have to square up. This has lead to a slight demand for dollars," the head of treasury at a private sector bank said.

The rupee closed at 43.5825/5925 against the dollar after opening at 43.5775/5825 on Tuesday.

On Monday, the rupee ended at 43.57/58.

The Maharashtra government was considering a proposal to shift Thursday's holiday to the following day, a source at the state government headquarters said.

The western state of Maharashtra had originally declared Thursday, March 16 a holiday for Eid ul Adha or Bakri Eid but was considering shifting it to Friday, March 17 because the festival falls on that day.

A change in the holiday date by the Maharashtra government under the Negotiable Instruments Act will make it mandatory for banks and the markets to comply with the change.-Reuters

Indonesian rupiah

JAKARTA: Indonesia's rupiah edged down in late trade on Tuesday on offshore dollar buying amid worries the IMF may again suspend its loans to Indonesia following a controversial court decision on the Bank Bali scandal.

The rupiah was quoted at 7,430/7,445 to the dollar compared with 7,420/7,435 in late local trade on Monday.

"There was a brief surge in dollar buying from Hong Kong after the IMF said it may reconsider its programme here if the government fails to resolve the Bank Bali case satisfactorily," one foreign bank dealer said.

The IMF suspended lending to Indonesia last year following disappointment over the resolution of the politically charged scandal, but resumed loans in January.

Earlier this month an indictment against Djoko Tjandra, a defendant in the case, was dropped by a Jakarta court on a legal technicality.

Another dealer, however, said the rupiah's falls were limited due partly to some dollar selling by the powerful Indonesian Bank Restructuring Agency (IBRA).

Dealers said the rupiah was moving in a tight range of between a low of 7,425 and a high of 7,445 on Tuesday.

Bank Indonesia said 6.8 trillion rupiah in funds matured early on Tuesday. Overnight rates still hovered at 9.25 percent for foreign banks and 9.5 percent for local banks.-Reuters

Chinese yuan

SHANGHAI: China's yuan closed almost unchanged against the dollar on Tuesday with the positive impact of an improvement in China's exports in the past few months offset by a falling trade surplus.

The yuan ended at 8.2781 to one U.S. dollar from 8.2780 on Monday after moving in a range of 8.2745 and 8.2785.

Dealers said the yuan was supported by improve Chinese exports, which surged a year-on-year 41.2 percent in the first two months of this year to $31.57 billion.

But China's imports grew faster, soaring 54.2 percent to $28.69 billion in January and February, reducing the trade surplus to $2.89 billion, down from $3.77 billion in the same period of last year.

"There was a rough balance of foreign exchange demand and supply on the market, keeping the yuan in a tight range," said a dealer at a foreign bank. "The trend is likely to continue."

Dealers said foreign trade data were a key factor in the yuan's exchange rates as they decide foreign exchange demand and supply on the market because the yuan was not convertible on the current account.

The yuan was likely to move mainly in a narrow range between 8.2780 and 8.2790 in the near term, they said.

The yuan closed slightly lower against the Japanese yen at 7.8341 to 100 yen from 7.8200 on Monday.

It ended marginally lower against the Hong Kong dollar at 1.0635 to HK$1.0 from 1.0630. -Reuters

S Korean won

SEOUL: The South Korean won closed higher against the dollar on Tuesday as the Japanese yen strengthened versus the U.S. unit, dealers said.

The won closed at 1,118.5 per dollar against Monday's close of 1,120.4.

It opened at 1,120.7 and ranged between 1,118.3 and 1,121.8.The yen was quoted at 105.11/16 per dollar against 105.73/76 late in Tokyo on Monday and 106.27/30 on Friday.

"The yen's rise dragged down the dollar/won rate," said a local bank dealer. "State-run banks soaked up dollars, but only half-heartedly."

Dealers forecast the exchange rate would move between 1,116 and 1,121 on Wednesday. "Eyes will mainly be on the yen's movement," said the local bank dealer Dealers said the impact of dollar inflows from settlements of stock buying by foreign investors was considerably lighter than earlier this month, noting they had turned net sellers on Monday.

Net foreign stock buying was estimated at 72.3 billion won on Tuesday.

"These days, less than $100 million worth of net foreign stock buying or selling has little impact on the currency market," a foreign bank dealer said.

Offshore dollar sales in the non-deliverable trading, sparked by the yen's steep rise against the dollar, also weighed on the dollar/won rate, dealers said.

In the non-deliverable forward market, the six-month won was quoted at 1,119.5/20.5 against 1,122.5/24.0 late on Monday.

The one-year won was at 1,122.0/24.0 against 1,125.0/26.5.-Reuters

Philippine peso

MANILA: The Philippine peso settled lower on Tuesday due to moderate dollar demand from commodity importers and in line with softer regional currencies, dealers said.

The local currency ended at its day's low of 40.935 to the dollar from the previous 40.865. It opened at 40.88 and later traded between 40.875 and 40.935.

Turnover reached $155.6 million from the previous $138 million.

"There is commercial (dollar) demand from some importers," said one trader. Others said the demand was coming from commodity importers.

Other traders said the peso also took a cue from softer regional currencies, in particular the Thai baht. The Thai baht was easier early on Tuesday ahead of a landmark court ruling on Thailand's biggest debt defaulter, Thai Petrochemical Industry.

The peso tracks the baht because the Philippines and Thailand compete in the same export markets.

Traders said they expected the peso to trade between 40.85 and 40.95 on Wednesday, following other regional currencies.-Reuters