HONG KONG, Feb 1: Most Asian currencies strengthened against the US dollar during a sluggish week affected by the tail end of the lunar new year holiday, reports AFP.

Only the Malaysian ringgit, Philippines peso and South Korea won slipped.

Japanese yen: Up 0.85 yen at 124.30 yen at Friday's close, from the previous week's 125.15 close.

After starting the week at 124.75, the yen surged to 123.90 ag. tnst the Greenback at Tuesday's close amid , respects that US rates would remain low, but It lost ground later In the week amid growing speculation that the Bank of Japan would loosen Its credit grip soon.

Thursday's release of US gross domestic product figures, which suggested a quicker US economic recovery, also helped to depress the yen.

Australian dollar: Closed Friday at 67.95 US cent, up from 67.07 the previous week, after off-shore buyers took the currency to a four-

yeek high and inflation hit a 30-year low.

At one point the local dollar traded above 68 US cent for the first time since January 4, but profit-taking dragged It back down.

Trading on Monday was expected to be subdued, with Forex markets In Victoria, South Australia and Tasmania states closed for Australia Day.

On the Reserve Bank's trade-weighted index. the unit ended higher at 51.6 points from 51.3 at Thursday's close.

Hong Kong dollar: Fractionally higher Friday at 7.773-7.734 to the US dollar, compared with the previous week's 7.734-7.735 close. The effective exchange rate Index was 114.3, down 0.1 from the previous week's close.

Indonesian rupiah: Unchanged at 2,065 against the Greenback.

Malaysian ringgit: Sharply down at 2.6305 to the dollar from 2.5940 the previous week, as the ringgit felt the ripple effect of ongoing uncertainly in the European Monetary System. The ringgit also fell against the German mark and pound sterling, closing out the week at 1.6575 (previously 1.6122) and 3.9815 (3.372) respectively.

New Zealand dollar: Up at 51.73 US cent Friday from the previous week's 51.42 cent. Trading was light, while the Reserve Bank, for the third time in a month, eased its previously tight monetary policy.

With elections expected by May across the Tasman sea, dealers In New Zealand expect the Kiwi to remain vulnerable to Australian dollar movement.

Philippine peso: Down at 25.337 peso to the dollar Friday from 25.308 peso the previous week.

South Korean won: Down at 794.00 to the dollar Saturday, from 791.40 the previous week. Dealers attributed th? drop to high demand for dollar to pay for Imports, while South Korean exports remained sluggish this month.

Taiwan dollar: Slightly higher to close

Friday at 25.4895 to the US dollar, 1.3 Taiwan cent higher than the previous week's finish

The Taiwan dollar ended mixed against major European currencies, closing at 38.74 to the pound against 38.95 the previous week. 4.75 per French franc (4.54), 0.01725 per Italian lira (0.0169), and 16.08 per mark (15.44).

Singapore dollar: Firmed against the US dol lar at 1.6465 Friday against last week's level of 1.6580.

Buying of the US dollar was much reduced as speculators awaited more news on the American economic scene following President Bill Clinton taking office.

The Singapore dollar was also stronger against sterling at 1 5140 Friday against the previous week s 2 5497, and firmer against the yen at 1.3190 (1 3285)

Thai baht: Up at Friday s close at a mid rate of 25.49 baht to the dollar, from last week a close of 25.52. due to technical adjustments.