Southeast Asian Currencies Mixed Against Dollar, Thursday, July 05, 2007 2:51:45 PM
Southeast Asian currencies experienced mixed results against the dollar Thursday in New York. The Malaysian ringgit gained ground versus its American counterpart while the Indonesian rupiah fell slightly. Meanwhile, the Singapore dollar traded with choppiness during Thursday`s action. Greenback traders considered data showing that service sector growth in the U.S. unexpectedly accelerated in June.The Singapore dollar was largely uncertain against the greenback Thursday in New York. The Singapore currency lost ground during the early morning, falling to an intraday low of 1.5229 at 3:40 am ET. The Singapore dollar advanced soon after that, eventually hitting an intraday high of 1.5192 at 6:50 am. The Singapore currency lost its gains over the course of the rest of the morning before leveling off. At 2:35 pm, the Singapore dollar traded at a mark of 1.5201 against its American counterpart.
The Malaysian ringgit climbed against the dollar Thursday in New York. The Malaysian currency fell during the early morning to an intraday low of 3.4620 at 2:50 am ET. The ringgit gained ground after that, eventually touching an intraday high of 3.4430 at 4:10 am. The Malaysian currency gave back some of its gains before largely leveling off late in the morning and into the early afternoon. At 2:40 pm, the ringgit traded at a mark of 3.4460 against its American counterpart.
The Indonesian rupiah edged lower against the greenback Thursday in New York. The Indonesian currency retreated sharply in the early morning, reaching an intraday low around 9038.00 at about 3:00 am ET. The Indonesian currency experienced choppy trading for the rest of the morning and into the early afternoon. At 1:33 pm, the rupiah traded at a mark of 9010.50 against its American counterpart. Traders mulled the Indonesian central bank`s decision to cut its key interest rate 25-basis points from 8.50% to 8.25%. This was the 13th cut since last year, coming in line with analyst expectations.
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posted by Kalin Tasev @ 1:40 PM
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