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Asian currencies mostly weaker

A IP, Hong Kong
Asian currencies were mostly down against the dollar during the week, as lingering concerns about the effect of the global recession on the region spooked investors.
JAPANESE YEN: The yen lost ground during the week as the dollar received buying support after Washington unveiled a new plan to shore up the troubled US housing sector, dealers said.
The Japanese unit stood at 98.14 against the dollar late Friday, down from 97.87 a week earlier. On Wednesday, the yen hit 99.49 against the dollar at one point, the lowest level since early November.
"The dollar continues to be supported by the view that the United States is taking stimulus measures faster than other economies," Hachijuni Bank chief forex strategist Masatsugu Miyata said.
Investors were encouraged by Washington's launch of a 75-billion-dollar scheme to stem rising home foreclosures.
Traders were also monitoring the start of China s annual session of parliament, where Premier Wen Jiabao said China would weather the global economic crisis with eight percent economic growth this year.
The yen rebounded moderately on Friday as dollar-buying momentum against the euro was subdued after the European Central Bank slashed its key lending rates to record lows in an attempt to encourage banks to lend.
AUSTRALIAN DOLLAR: The Australian dollar closed Friday at 64.21 US cents, down from the previous
week's close of64.58 cents.
The Australian unit was likely to continue its downward trend next week, with "dismal” economic data to dragon the currency, dealers said.
The country's central bank unexpectedly held the official cash rate steady at 3.25 percent this week, but growth figures showed a contraction in the economy for the first time in eight years, sparking recession fears.
" The Australian dollar took a beating from a worse than expected fourth-quarter Australian GDP result, although reports of a second Chinese fiscal stimulus package encouraged new hope about the economic outlook and drove a rally," said ANZ economist Amber Rabinov.
"However, heightened concerns about the health of the US financial sector have since sent the US equity market sharply lower, with a subsequent rise in risk aversion pushing the Australian dollar below 0.64 cents."
"Currency markets are braced for another round of dismal employment numbers due to be released this week," she added.
The Australian dollar's trading range had drilled down to 60.10 US cents, with a ceiling at 65.50, she said.
Given the economic downturn and sharp falls recently reported in job vacancies, AMP Capital economist Shane Oliver said he expected February employment data next week to show a 20,000 slump in jobs, pushing the unemployment rate to five percent.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 50.16 US cents, down from 50.56 cents the previous week.
On Wednesday, the kiwi fell to a fresh
six year low against the greenback, touching49.01 UScents.
The New Zealand unit rose back above 50 US cents the following day after news China expected to achieve eight percent economic growth tins year and on hopes Beijing would introduce new stimulus measures.
The local focus next week will be on the New Zealand central bank's inter est rale review on Thursday.
CHINESE YUAN; On the over-the-counter market, the yuan ended at 6.8400 Friday to the dollar, compared with a closing price of to 6.8403 the dollar the week before.
l he central bank set the yuan central parity rate at 6.8370 to the dollar Friday.
The People's Bank of China allows a trading band of 0.5 percent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged 1 long Kong unit was at 7.7562 to the dollar, from 7.7538 a week earlier.
INDONESIAN RUPIAH: The rupiah ended at 12,070 to the dollar, up from 12,110 the week before.
PHILIPPINE PESO: The Philippines peso strengthened to 48.50 to the dollar on Friday from 48.80 to the dollar a week before.
SINGAPORE DOLLAR: The Singapore dollar was at 1.5475 to the US dollar from 1.5461 the previous week.
SOUTH KOREAN WON. The won was at 1,550.00 to the dollar down from 1,534.00 a week earlier, reflecting the country's weak stock prices and jitters over a global economic recession.
Dealers said the won was likely to move within a range of 1,500-1,600 won per dollar in the immediate future.