Hong Kong dollar falls

The Hong Kong dollar pared early gains and ended lower against the US currency on Tuesday afternoon as further weakness for local stocks exacerbated fears of further fund outflows from the territory. The blue chip Hang Seng Index closed 0.16 percent lower on Tuesday, falling for the sixth consecutive session. "Sentiment remained bearish amid persistent stock losses," said a dealer from a Japanese bank. "After the London market opened, dollar-buying was more aggressive."
The local currency fell to 7.7970 per US dollar, its lowest level since October 8, 2004, from 7.7948/53 in late Asian trade on Monday.