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Head Lines
Asian
currencies gain against dollar The Bangladesh Observer HONG KONG, Sept 21:–Asia's major currencies made gains on the dollar during the week, with several, including the Japanese yen, reaching highs against the greenback, says AFP. JAPANESE YEN: The yen rose steadily against the dollar, hitting a 31- month high at one point abroad, despite persistent fears of interventions by Japanese monetary authorities to soften the Japanese unit.
The yen stood at 115.22-25 to the dollar late Friday, up from 117.05-08 to the dollar a week earlier. "To move two yen in a week is a sudden change," Japanese Finance Minister Masajuro Shiokawa told reporters after a regular Friday morning cabinet meeting. "This makes it very difficult on the economy and companies. We have to take adequate measures in response."
But the Bank of Japan reportedly stayed out of the market on Friday as finance ministers and central bank chiefs from the G7 industrial powers were seen likely to agree at a weekend meeting in Dubai that such interventions should be minimised.
In New York on Friday, dollar bears drove down the greenback to a 31- month low of 114.75 yen at one point. The Tokyo has already spent a record amount intervening this year in an effort to prevent the yen from appreciating and endangering an export-led recovery after 13 years of economic stagnation.
AUSTRALIAN DOLLAR: The Australian dollar is expected to hold its ground or make slight gains against the greenback next week after surging higher in the latter part of the past week. The Aussie continued its climb, ending significantly higher at 66.82 US cents compared with the previous week's 65.91 US cents. The currency reached its high for the year to date at 68.45 US cents on July 7 and dealers have since questioned whether it had run out of steam.
Last week, analysts had said the Aussie was struggling against the key resistance level of 66.20-50 US cents and this was the last remaining hurdle before it could resume its stellar run. "The fact remains that the Australian dollar is range bound with an upward bias at the moment as the combination of positive domestic fundamentals, increased interest rate appetite and a weak US dollar combine," said National Australia Bank currency strategist Greg Mckenna. NEW ZEALAND DOLLAR: New Zealand's dollar closed Friday worth 58.72 US cents, up from the 58.38 cents close of a week earlier.
SINGAPORE DOLLAR: The US dollar was at 1.7481 Singapore dollars on Friday from 1.7478 the previous week. HONG KONG DOLLAR: The US dollar-pegged Hong Kong currency traded at 7.7992-7.7997, down slightly from 7.7991-7.7996 the previous week.
INDONESIAN RUPIAH: The rupiah closed the week slightly lower at 8,460-8,470 to the dollar compared with the previous week's close of 8,445-8,450. PHILIPPINE PESO: The peso fell by 17.5 centavos against the dollar over the past week, trading at 55.165 late Friday compared to 54.99 on the previous Friday.
SOUTH KOREAN WON: The won rose to a 14-month high of 1,168 won to the dollar Friday from 1,170 won on Tuesday of the previous week, the last trading day of the week which was shortened by the fall harvest holidays.
TAIWAN DOLLAR: The Taiwan dollar was up 0.12 per cent
against the US dollar over the week to close at a 13-month high of
34.058 Friday. The US dollar closed at 34.100 the previous week. THAI
BAHT: The baht closed Friday at 40.49-52 baht to the dollar compared to
the previous week's close of 40.75-80.
Dollar
eases further against Taka The Bangladesh Observer
The US dollar eased further against the Bangladesh Taka in
thin inter-bank trading on Sunday mainly due to holiday in the
international markets, dealers said, reports BSS.
The demand for the greenback was lower from importers as
most international markets remained closed due to weekend holiday when the
dollar was under pressure ahead of G-7 meeting, dealers said.
The US unit, however, still is strong against the local
currency, which earlier was officially sold at Tk 58.40 to the dollar. The
dollar fell down record low against the yen on Friday.
He said many local dealers think the dollar might be
stronger in the near-term even though the market is still gripped by fears
of Japanese intervention and gloomy signal about the euro-zone economy.
"In fact, effect of international markets had a little
impact on our local market where only import payment is the main driven
force of currency movements", said dealer of a private commercial bank.
The volume of dollar-Taka trade was very low and the cross
currency trade was almost nil, forex dealers of different commercial banks
said. BSS, DHAKA, The Independent The inter-bank call money rate remained steady yesterday amid low money demand from private sector, fund managers said. The call money rate touched its day-low at 2.50 per cent in a few deals and its day-high at 7.00 per cent yesterday, fund managers of leading commercial banks said. In most deals, the call money rate, however, ranged between 4.00 per cent and 5.50 per cent yesterday, they said. "The demand for money is very thin as most banks hold surplus liquidity driven by lower credit flow to the private sector", fund managers said. Banks are very cautious in lending to avoid piling classified loans that forced them to hold surplus funds, they added. Dhaka Stock Exchange Link International Stock Exchange Link |
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