The Hong Kong dollar erased early losses to end virtually unchanged on Wednesday, while interbank rates softened from the previous session. The local currency last traded at 7.7557/59 against the US dollar, having touched a morning low of 7.7568, barely changed from its late Tuesday close in Asia.
One dealer said there was some corporate demand for the US currency in the morning, pushing the Hong Kong dollar slightly lower. However, there was a lack of follow-through buying in the afternoon. "Weve seen good two-way interest," another dealer said, adding that the market had been trading in a narrow range of 7.7550 and 7.7570 this week with little trading cues. The Hong Kong currency is pegged at 7.8 to the US dollar but can trade between 7.75 and 7.85.
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