The Hong Kong dollar inched lower and discounts on forwards narrowed on Friday as further losses on the stock market heightened worries that investment funds will flow out of the territory.
The local unit was at 7.7977 to the US dollar weakening from 7.7966 in late Asia trade on Thursday. But dealers said the rate edged off a low of 7.7980 hit in offshore markets overnight, the lowest level since late September.
"The Hong Kong dollar/US dollar spot rate moved in a tight band and was steadier than the forwards market, which were bid up after the London market opened," said a dealer from a Japanese bank.
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