Asian currencies ended the week down against the dollar in light trade ahead of the release of US growth data, which showed the worst contraction in the world's biggest economy in 26 years.

JAPANESE YEN: The yen fell against the dollar ahead of the release of the US growth figures for the fourth quarter, but dealers remained optimistic dial President Barack Obama would take bold action to get the US backon its feet.

The Japanese unit stood at 89.39 against the dollar in Tokyo on Friday, down from 88.75 against the dollar a week earlier. The yen later slipped further in New York to 89.95.

But the yen managed to shrug off a raft of gloomy figures on the Japanese economy, including a record plunge in industrial output in December, as the market had been expecting the less than encouraging data, dealers said.

"Everyone is fully aware of the slump" in Asia's largest economy, said Yosuke Hosokawa, head of Chuo Mitsui TYust Bank's I forex group.

TYaders were likely to have a knee-jerk 1 reaction this week to the US growth figures given the current nervous market sentiment, Hosokawa said.

। But Hosokawa added: "What the market really wants to know is not how badly die r economy was battered in the past, but how much it will be able to recover from now on."

* After the end of trade in Asia Friday, US government figures showed the world's largest economy shrank by an annual rate of 3.8 percent in the fourth quarter of2008, not as bad as market expectations of a 5.5 per-। cent drop.

AUSTRALIAN DOLLAR: The Australian • dollar was expected to trade between 64 and

68 US cents this week, will) an expected cut in interest rates likely to spur the currency, dealers said.

The Australian dollar closed on Friday at 64.56 US cents, down from die previous week's close of 65.16 US cents, and its weakest close in eight weeks.

That result followed the release of poor industrial production figures from Japan, one of Australia's largest export partners.

CHINESE YUAN: China's foreign exchange market was closed for the entire week for the Lunar New Year holiday

HONG KONG DOLLAR: The US pegged Hong Kong unit was at 7.757 to the dollar, virtually unchanged from a week earlier.

INDONESIAN RUPIAH: The rupiah ended at 11,425 to the dollar, down slightly from 11,355 the week before.

PHILIPPINE PESO: The Philippines peso finished the week at 47.39, virtually unchanged from 47.40 a week earlier.

SINGAPOREAN DOLLAR: The Singapore dollar was at 1.5084 to the US dollar on Friday from 1.5049 the previous week.

SOUTH KOREAN WON: The won closed at 1,379.50 to die dollar Friday, compared widi 1,390.50 a week earlier after a sharp mid-week rise on die strength of die local bourse.

The dollar is tipped to trade between 1,375 won and 1,392 won on Monday.

TAIWAN DOLLAR: Taiwan's foreign exchange market was closed diis week for the Lunar New Year holiday.

THAI BAHT: The Thai baht fell slightly against the dollar over the past week after a senior finance ministry official said the Thai central bank should allow the currency to weaken to boost exports, a dealer said.

The baht closed Friday at 34.96-97 baht to the dollar compared with 34.89-91 a week earlier.