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Tuesday July 1, 11:34 AMEmerging FX-Ringgit, rupiah seen supported by interventionSINGAPORE, July 1 (Reuters) - Asian currencies traded narrowly on Tuesday as investors awaited economic data to assess the impact of rising inflation, while the Malaysian ringgit and Indonesian rupiah were seen aided by dollar-selling intervention.Market players were watching for inflation data from Thailand, South Korea and Indonesia on Tuesday among other indicators. Several currencies in the region were also buoyed by a pullback in oil prices , which hit a record high above $143 per barrel on Monday but settled lower near $140 on Tuesday. "The slip in oil prices will provide some reprieve to Asian currencies and Asian bourses buffeted by inflation fears, but this will not be a trigger for a buying spree in emerging Asian assets," said economist Vishnu Varathan in a Forecast client note. The Malaysian ringgit steadied around its previous closing levels of 3.265 per dollar, and traders said they suspected the Malaysian central bank was selling dollars to support the ringgit. "At the moment, the central bank is probably in at 3.267 per dollar," a trader in Kuala Lumpur said. "Seems foreigners are not willing to touch this currency in the short term until political news is gone," he said. Leader of Malaysia's revitalised opposition, Anwar Ibrahim, recently sought refuge at the Turkish embassy following sodomy accusations. The former deputy premier fled to the embassy fearing for his security. [ID:nKLR151860] The Indonesian rupiah inched up by 0.1 percent to 9,215 against the dollar, leading measly gains in Asia. Traders in Jakarta said authorities had sold dollars everyday for the past few weeks to support the rupiah, and were doing the same on Tuesday. The U.S. dollar weakened against the yen following a brief rise after the Bank of Japan tankan survey showed a smaller-than-expected decline in Japanese business sentiment, pushing the Taiwan dollar to a 2-week high at 30.294. Markets in Thailand were closed for a mid-year holiday. CURRENCIES VS U.S. DOLLAR Change on the day at 0249 GMT Currency Latest bid Previous day Pct Move Japan yen 106.24 105.52 -0.68 Sing dlr 1.3607 1.3600 -0.05 Taiwan dlr 30.341 30.354 +0.04 Korean won 1045.90 1046.00 +0.01 Peso 44.86 44.90 -0.09 Rupiah 9212.00 9225.00 +0.14 Ringgit 3.2645 3.2650 +0.02 Yuan 6.8582 6.8543 -0.06 Change so far in 2008 Currency Latest bid End prev year Pct Move Japan yen 106.24 111.33 +4.79 Sing dlr 1.3607 1.4382 +5.70 Taiwan dlr 30.341 32.443 +6.93 Korean won 1045.90 935.70 -10.54 Baht 33.49 33.68 +0.57 Peso 44.45 41.28 -7.13 Rupiah 9212.00 9390.00 +1.93 Rupee 43.02 39.41 -8.39 Ringgit 3.2645 3.3050 +1.24 Yuan 6.8582 7.3041 +6.50 (Reporting by Melissa Chia; Editing by Jacqueline Wong) |
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