Monday Business News

Yen soars, other Asian currencies 
down in turbulent week 
Agence France-Presse . Hong Kong 

The Japanese yen ended the week at 13-year highs against the US dollar while other currencies fell against the greenback amid ongoing global market turmoil over a slumping world economy.
  The yen soared to 13-year highs against the dollar on fears of global recession which led investors to seek refuge.
  The Japanese currency hit 90.87 against the dollar at one point in London on Friday, surging to the 90 yen level for the first time since August 1995.
  The rate compared with 95.14-17 against the dollar in Tokyo late Friday and 101.03-06 a week earlier.
  The sharp rise in the yen in turn contributed to a major selloff on the Tokyo stock market which plunged 9.60 per cent to a five-year low on Friday.
  ‘If the forex market factors in the GDP data, which are expected to show a minus growth, it may get more bullish on the yen,’ Nikkei Quick News said.
  The Australian dollar remains vulnerable after hitting a five-year low amidst global market turmoil and weak commodity prices, analysts said.
  The Australian dollar was trading late Friday at 63.91 US cents, down from the previous week’s close of 68.90 US cents.
  The New Zealand dollar ended the week at 58.55 US cents, sharply down from 61.81 the previous Friday.
  The kiwi was again victim to a flight from higher yielding currencies amid continuing turmoil in world financial markets.
  The yuan closed at 6.8523 to the dollar Friday on the exchange-traded market, compared with Thursday’s close of 6.8368, and a closing price of 6.8297 to the dollar the week before.
  On the over-the-counter market, it ended at 6.8433 to the dollar against 6.8354 the previous day.
  The central bank had set the yuan central parity rate at 6.8357 to the dollar Friday, compared with 6.8368 on Thursday.
  The US-pegged Hong Kong unit was at 7.754 to the dollar, little changed from 7.757 a week earlier.
  Authorities bought 500 million US of the local currency mid-week to maintain the peg as overseas investors rushed to take advantage of a full deposit guarantee.
  The rupiah ended trading at 10,200 to the dollar, compared to 9,855 the week before.
  The Philippine peso fell to 48.991 to the dollar on Friday afternoon from 48.080 on October 17.
  The dollar was trading at 1.5074 Singapore dollars on Friday from 1.4765 the week before.
  The won weakened to 1,422.0 won to the dollar Friday, compared with 1,334.0 won a week earlier, because of mounting concerns over the global financial crisis and plummeting stock prices.
  Government authorities intervened to help bolster the falling won on Friday, releasing an estimated 500 million dollars into the foreign exchange market, they added.
  The Taiwan dollar fell 2.65 per cent during the week to close at 33.412 against the US dollar. The local currency closed at 32.550 a week ago.
  The Thai baht fell against the dollar over the past week as the greenback rose against all regional currencies. Foreign investors sold shares on the Thai bourse further weakening the baht’s value, dealers said.
  The Thai unit closed Friday at 34.67-69 baht to one dollar compared to last week’s close of 34.25-27.