Most Asian units strengthened against the US dollar, reflecting its global weakness and with speculation growing over plans for the Chinese currency.
JAPANESE YEN: The yen moved erratically against the dollar in Tokyo as speculation grew that China could soon move to a floating rate system from its current fixed yuan-dollar peg regime.
The Japanese currency stood at 103.18-21 to the dollar late Friday, compared with 103.61-63 to the dollar a week earlier.
It remained in the 103 range in the past week, except for Monday when it rose to the level of 102 to the dollar on eased expectations of an aggressive US interest rate hike.
"The choppy trading will continue next week, as speculation mounts about the possible flotation of the Chinese yuan," Hachijuni Bank dealer Yasuhiko Takei said.
There is considerable speculation that senior Chinese officials might discuss plans to change the yuan peg at a meeting of top financial policymakers from the Group of Seven nations in London February 4-5.
Mizuho Corporate Bank's Akira Gomikawa said that dollar-buying on prospects of higher US interest rates was "short-lived" as the market's focus shifted to the revaluation of the yuan.
Apart from the G7 meeting, market players are expected to closely follow many themes including a meeting of the US Federal Open Market Committee next Tuesday and Wednesday and US economic data such employment statistics.
AUSTRALIAN DOLLAR: After climbing steadily to a six week high on Friday, the Australian dollar is expected to be well supported in the immediate future amid speculation about a possible interest rate rise, analysts said Friday.
The unit climbed to a high of 78.03 US, a level not seen since mid-December, but settled down to finish the week at 77.73 US cents, up almost two cents from its close of 75.88 US cents last week.
RBC currency strategist Greg Gibbs said a Chinese monetary official had been reported Friday as saying it was time for the yuan to be revalued, which helped give the Australian dollar its spike towards 78 US cents.
The yuan is currently pegged to the US dollar but there have been calls for China to adopt a more flexible exchange rate.
Gibbs said the Australian dollar had generally been trending higher as people speculated on a possible interest rate move by the Reserve Bank of Australia.
NEW ZEALAND DOLLAR: The New Zealand dollar ended the week at 71.46 US cents, up from 70.52 US cents the previous week. It was boosted initially by softness in the US dollar caused by weak US consumer confidence data.
Thursday's decision by the Reserve Bank of New Zealand to leave interest rates unchanged was expected and had little impact on the currency, dealers said.
SINGAPORE DOLLAR: The US dollar was at 1.6350 Singapore dollars on Friday from 1.6371 the previous week.
HONG KONG DOLLAR: Hong Kong's US-pegged dollar was at 7.775 to the greenback on Friday from 7.779 a week earlier.
INDONESIAN RUPIAH: The rupiah closed at 9,145-9,150 to the US dollar, down slightly from 9,155-9,160, a week earlier.
PHILIPPINE PESO: The peso traded higher at 55.09 to the dollar on Friday from 55.545 to the dollar on January 21. This is its strongest level in 15 months.
SOUTH KOREAN WON: The won closed at 1,024.10 won per dollar Friday, compared with 1,038.10 won a week earlier, reflecting the global weakness of the greenback and the influx of foreign funds into the stock market.
TAIWAN DOLLAR: The Taiwan dollar rose 0.35 percent over the week to end at 31.802 against the greenback Friday. It finished at 31.913 a week ago.
THAI BAHT: The baht closed Friday at 38.44-46 baht to the greenback, compared to the previous week's close of 38.60-64.
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