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Thursday July 3, 11:44 AMEmerging FX-Singapore dollar, ringgit rise despite oil fearsSINGAPORE, July 3 (Reuters) - The Singapore dollar rose on Thursday on views the authorities would keep it strong to fight inflation, while most Asian currencies moved in narrow ranges.Investor sentiment remained cautious as oil prices rose to a fresh record high above $144 per barrel. The Singapore dollar rose as far as 1.3575 per U.S. dollar, up a fifth of a percent from late Asian trade on Wednesday. "The Singapore dollar is fundamentally strong, a favourite currency for real money," said a trader in Singapore. Singapore's central bank is widely expected to keep its bias of letting the currency rise steadily when it reviews policy in October, but refrain from tightening further. The Malaysian ringgit rose a fifth of a percent to 3.2645, and traders said the currency was headed towards lower levels of 3.3 against the dollar this month due to concerns over oil-push inflation and an unclear interest rate outlook. The Thai baht crawled up by 0.1 percent but managed to hit a 1-1/2-week high of 33.33 per dollar, and traders said authorities would probably not intervene if the currency continued to trade within a limited range. "I think the baht should move in a narrow range today, and if it still continues to do so, the central bank will not come in," a Bangkok-based trader said. Traders said the central bank had been suspected of selling dollars to support the Thai currency earlier in the week. The Chinese central bank set the yuan mid-point at 6.8529, the highest level since the currency's revaluation in July 2005, and the yuan failed to travel far from its previous close of 6.8530 per dollar. Record-breaking oil prices erased gains for the South Korean won, which rose to a 1-week high at 1,031 per dollar due to expectations of possible intervention by the authorities after an official's comments. The won later drifted as low as 1,038.1 per dollar amid jitters over high oil prices. CURRENCIES VS U.S. DOLLAR Change on the day at 0237 GMT Currency Latest bid Previous day Pct Move Japan yen 106.08 106.21 +0.12 Sing dlr 1.3571 1.3606 +0.26 Taiwan dlr 30.390 30.372 -0.06 Korean won 1037.00 1035.00 -0.19 Baht 33.34 33.37 +0.09 Peso 45.26 45.20 -0.13 Rupiah 9215.00 9220.00 +0.05 Rupee 43.16 43.16 +0.00 Ringgit 3.2650 3.2720 +0.21 Yuan 6.8528 6.8530 +0.00 Change so far in 2008 Currency Latest bid End prev year Pct Move Japan yen 106.08 111.33 +4.95 Sing dlr 1.3571 1.4382 +5.98 Taiwan dlr 30.390 32.443 +6.76 Korean won 1037.00 935.70 -9.77 Baht 33.34 33.68 +1.02 Peso 44.45 41.28 -7.13 Rupiah 9215.00 9390.00 +1.90 Rupee 43.16 39.41 -8.69 Ringgit 3.2650 3.3050 +1.23 Yuan 6.8528 7.3041 +6.59 (Reporting by Melissa Chia; Editing by Jacqueline Wong) |
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