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Asian units gain against US Dollar
HONG KONG. May 19: Most Asian currencies rebounded against the US Dollar during the week with only the Indonesian Rupiah finishing marginally lower, reports AFP.
The Australian. Hong Kong. Japanese. Malaysian. New Zealand. Philippine. Singapore. South Korean, Taiwan and Thal units all rose against the Greenback, while the Rupiah fell to a record low before recovering.
Japanese Yen: The Yen rose moderately to finish at 137.72 to the Greenback on the Tokyo foreign exchange market, against 138.58 Yen the previous week.
After opening at 139.25 Yen Monday, the local unit moved between 137.07 Yen and
139.68 Yen during the week. Finance Minister Ryutaro Hashimoto said Tuesday he was dissatisfied with the Yen's lower exchange value.
Auatraiian Dollar: The Australian Dollar closed slightly higher at 78.25 US cents against 78.20 US cents a week earlier.
The local currency ended at 59.9 on the trade-weighted index against 60.2 a week earlier. One bank tipped the Dollar to keep trading within a narrow range against the Greenback.
Hong Kong Dollar: The Hong Kong currency sustained its climb to finish the week at 7.7895-7.7905 to the US Dollar, compared with 7.7923-7.7933 the previous Friday.
The effective exchange rate stood Saturday at 112.1. compared to 1 12.4 a week earlier. The Hong Kong Dofiar has been pegged at around 7.80 to the Greenback since October 1983.
South Korean Won: The Won strengthened marginally to close the week at 725.40 Won to the Dollar against 726.60 Won a week earlier, rebounding from the previous week's slide.
Singapore Dollar: The Singapore Dollar strengthened to close the week at 1.7690 to the US Dollar, against 1.7740 a week earlier. It also gained against the Pound Sterling but weakened against the Malaysian Ringgit and Japanese Yen.
New Zealand Dollar: Strong
overseas and exporter Interest kept the New Zealand Dollar strong during the week. The currency closed at 59.08 US cents, up from the previous week's finish of 58.81 cents.
Taiwan Dollar: The Taiwan currency gained ground in light to finish at 27.26 to the US Dollar, up from the previous week's elope of 27.32.
After opening Monday at 27.3225. the local unit steadily picked up steam during a lackluster week, dealers said.
Malaysian Ringgit: The Ringgit strengthened to close at 2.7570 to the Greenback against 2.7600 the previous week.
The local unit opened Monday at 2.7570 and traded between 2.7604 and 2.7490.