HONG KONG. June 5: The dollar closed the week higher againsi most Asian currencies lx:cause qf concerted Intervention by Japanese. US and European central banks, with the greenback posting a slight rally against the yen. reports AFP.

JAPANESE YEN: The yen eased from its rally early in the week as US. Japanese and European central banks Jointly defended ihe dollar. The Japanese unit stood at 84.82-84.85 to the dollar in late afternoon trading Friday, down from 84.18-84.22 a week earlier.

The yen < la wed its way up to touch 83.12-83.17 In late afternoon trading Tuesday despite rounds of dollar — buying by the Bank of Japan. But it finally buckled on Thursday after Joint intervention overnight on overseas markets.

Investors continued to sell yen toward the" weekend on reports that US treasury Secretary Robert Rubin described the dollar as underesUmated.

AUSTRALIAN DOLLAR: The Australian dollar closed the

week Friday about half a US cent lower, recovering slightly from a one year loW struck Wednesday, dealers said.

Tile local dollar finished at 71.75 US cents, down from 72.33 al the previous week’s finish

Bin it had recovered from a one-year low struck Wednesday when Treasurer Ralph Willis said a lower currency would Iwlp the country's current accouril deficit.

SINGAPORE DOLLAR: The Singapore dollar closed Friday at 1.3896 to the US dollar, from 1.3899 a week ago.

HONG KONG DOLLAR: The British colony's currency, linked to the US dollar, closed Thursday at 7.739-7.736 per greenback, tittle changed from the previous Week's finish of 7.7335-7.7365-

( The effective exchange rate index, which measures the Hong Kong dollar's value againsi a trade-weighted basket of currencies. particularly Ihe US dollar and Chinese yuan, stood al 118.8.

INDONESIAN RUPIAH: The

Indonesian currency closed trailing on Friday at 2.237 rupiah to the dollar, or two rupiah weaker* than al the closing on Friday the previous week.

MALAYSIAN RINGGIT: The ringgit gained five basic points Io close the week higher against I lie US dollar al 2.4585 • from 2.4590 previously.

Dealers attributed ihe rise to stronger demand for the local currency from offshore buyers, particularly In Singapore.

NEW ZEALAND DOLLAR: The New Zealand dollar closed Friday worth 66.65 US cents, slightly down on the 66.75 cents closing of a week earlier

The government's budget, announced Thursday and showing a record surplus, had little impact as the results had been well signposted earlier. Dealers however reported some losses on rumours that the left wing minor opposition alliance party was showing strong opinion poll gains at the expense of the main opposl

lion labour party.

SOUTH KOREAN WON: The won strengthened from 760.10 won per dollar a week ago to 758.80 won Saturday.

TAIWAN DOLLAR: The US dollar advanced to close Thursday (Friday was a holiday) at 25.7 Taiwan dollars following its gain in global market, up 12.8 Taiwan cents from the last Friday's finish of 25.572.

THAI BAHT: The Bank of Thailand'* Exchange Equalise tlon Fund on Friday fixed the official mid-rate at 24.69 baht to the dollar, compared with the previous week's close of 24.66 baht.

The greenback was up slightly against the baht because of the German Bundesbank decision to maintain cur .rent interest rates, and progress in US-Japan trade talks, a Thal Military Bank Of flcial said

PHILIPPINE PESO: The Philippine peso depreciated slightly (o 26.88 pesos to the dollar this Friday from 25.873 pesos to the dollar on May 26.