The Hong Kong dollar inched lower against the greenback and discounts on forwards narrowed from recent lows on Tuesday as some players covered short (US dollar) positions, dealers said. The US currency edged up on Tuesday, extending its rebound from the previous day's seven-month low versus the yen after a sharp fall in oil prices led traders to scale back heavy dollar-selling positions.
"The market is tracking the direction of regional currencies, with the Singapore dollar and Thai baht softer against the greenback in early trade," said a dealer from a European bank.
The local currency was trading at 7.7759/60 to the US dollar little changed from 7.7762/64 in late Asian trade on Monday but down from 7.7735/40 in New York trade.
Meanwhile, the discount on one-year forwards narrowed to 1,430/1,400 pips from Monday's close of 1,470/1,460 pips.
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